EXERCISES-Chapter 1-2-3-4

The resources owned by a business 4 a list of assets

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Unformatted text preview: ion system that provides reports to stakeholders about the economic activities and condition of a business 2. Assets = Liabilities + Owner’s Equity 3. The resources owned by a business 4. A list of assets, liabilities and owner’s equity that have occurred during a specific period of time, such as a month or a year 5. An economic event or condition that directly changes an entities’s financial condition or directly affects its results of operations 1 2/12/2014 MATCH EACH OF THE FOLLOWING STATEMENTS WITH ITS PROPER TERM A. Account D. Accounting G. Financial Accounting J. Expense M. Revenue P. Statement of Cash flow B. Account Payable E. Accounting Equation H. Management Accounting K. Liabilities N. Prepaid expense Q. Statement of Owner’s Equity C. Account Receivable F. Assets I. Business transactions L. Owner’s Equity O. Balance sheet R. Income Statement MATCH EACH OF THE FOLLOWING STATEMENTS WITH ITS PROPER TERM A. Account D. Accounting G. Financial Accounting J. Expense M. Revenue P. Statement...
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