Matching
Match the following terms with definitions.
Premises:
Monetary unit principle
Accounting equation
Events
Business entity principle
Expenses
Revenue recognition principle
Liabilities
Income statement
Statement of cash flows
Responses:
The relation between a company's assets, liabilities, and equity.
The principle that assumes transactions and events can be expressed in money units.
Creditor's claims on assets.
The principle that revenue is recorded when earned through providing goods or services.
Describes a company's revenues and expenses along with the resulting net income or loss over a period of time.
A financial statement that lists cash inflows (receipts) and cash outflows (payments); the cash flows are arranged by operating, investing, and financing activities.
The principle that requires a business to be accounted for separately from its owners.
Happenings, such as changes in market value, that effect the accounting equation and are reliably measured.
Wages paid to earn revenues.
Correct Answer:
Premises:
Responses:
Monetary unit principle
Accounting equation
Events
Business entity principle
Expenses
Revenue recognition principle
Liabilities
Income statement
Statement of cash flows
Premises:
Monetary unit principle
Accounting equation
Events
Business entity principle
Expenses
Revenue recognition principle
Liabilities
Income statement
Statement of cash flows
Responses:
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