Accounting vocabulary, financial statement users, accounting profession, types of business organizations, proprietorship characteristics, and accounting concepts
Consider the following terms and definitions:
TERMS: | DEFINITIONS: |
1. Proprietorship | A. Feature that enables a corporation to raise more money than proprietorships and partnerships |
2. Faithful representation | B. Holds that fair market value should not be used over actual costs |
3. Partnership | C. Stands for Financial Accounting Standards Board |
4. StockD. | Owner is referred to as a proprietor |
5. Limited liability | E. Asserts that data are complete, neutral, and free from material error |
6. Limited Liability Company | F. Revenues of $70,000 and expenses of $85,000 |
7. Cost principle | G. Has unlimited liability |
8. FASB | H. Represents ownership in a corporation |
9. Net loss of $15,000 | I. Type of entity that is designed to limit personal liability exposure |
10. Creditors | J. Person or business lending money |
Requirement
1. Match the terms with their correct definitions.
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