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 sets the maximum amount of financial loss by a stockholder to the cost of the investment |
2. Faithful representation | B. Reason why accountants should not write up the value of equipment due to an increase in its fair value |
3. Partnership | C. Is composed of accountants |
4. Stock | D. An entity that has fewer than two owners |
5. Limited liability | E. Principle that does not accept incomplete or bias data |
6. Limited Liability Company | F. Revenues of $40,000 and expenses of $25,000 |
7. Cost principle | G. Possess mutual agency |
8. FASB | H. The corporate charter specifies how much of this a corporation can sell |
9. Net income of $15,000 | I. Entity where the business, and not the proprietor, is liable for the company’s debts |
10. Business owners | J. Use accounting information to set goals, to measure progress toward those goals, and to make adjustments when needed |
Requirement
1. Match the terms with their correct definitions.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.