Accounting vocabulary, financial statement users, accounting profession, types of business organizations, corporate characteristics, and accounting concepts [15-20 min]
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. | Stock | D. | 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 |
1. Match the terms with their correct definitions.
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