plz write correct alphabet next to each answer
Homework Answers
| (E) | Matching cocept | (1) | The accounting term that prescribes when a cost incurred by a business should be recognised as an expense |
| (C) | Generally accepted accounting principles | (2) | Set of accounting rules that includes procedures, concepts and standards for reporting accounting transactions |
| (L) | Accounting | (3) | The information system that identifies, records and communicates the economic events of an organisation to a wide variety of interested users |
| (H) | Expenses | (4) | The cost of assets consumed or service used in a company's ordinary business activities |
| (G) | Proprietorship | (5) | A business owned by one person |
| (M) | Prepaid expenses | (6) | Asset created when a business pays cash for costs incurred in advance to being used or consumed |
| (B) | Partnership | (7) | An association of two or more persons to carry on as co-owners of a business for profit |
| (N) | Ethics | (8) | The standard of conduct by which actions are judged as right or wrong, honest or dishonest, fair or not fair |
| (K) | International financial reporting standards | (9) | A set of rules used by global companies for financial reporting mostly by publicly accountable businesses but also for certain private businesses |
| (J) | Elements of the financial statement | (10) | Assets, Liabilities, Owner's Equity, Revenue, Expenses |
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plz write correct alphabet next to each answer
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