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 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 |
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.