Using accounting vocabulary [10-15 min]
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 Retained Earnings | K. | Report that shows the changes in retained earnings for a period of time | |
Requirement
1. Match the term to the correct definition
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