Using accounting vocabulary
Consider the following accounting terms and definitions:
TERMS: | DEFINITIONS: |
1. Accounting Equation | A. An economic resource that is expected to be of benefit in the future |
2. Asset | B. An economic obligation (a debt) payable to an individual or an organization outside the business |
3. Balance Sheet | C. Excess of total expenses over total revenues |
4. Expense | D. Excess of total revenues over total expenses |
5. Income Statement | E. The basic tool of accounting, stated as Assets = Liabilities + Equity |
6. Liability | F. Decrease in equity that occurs from using assets or increasing liabilities in the course of delivering goods or services to customers |
7. Net Income | G. Amounts earned by delivering goods or services to customers |
8. Net Loss | H. Report of cash receipts and cash payments during a period |
9. Revenue | I. Report of an entity’s assets, liabilities, and equity as of a specific date |
10. Statement of Cash Flows | J. Report of an entity’s revenues, expenses and net income/net loss for the period |
11. Statement of Owner’s Equity | K. Report that shows the changes in capital for a period of time |
Requirement
1. Match the term to the correct definition.
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