2) Choose the appropriate definition for the terms below. a. a business owned by a single owner b. a statement summarizing the revenues and expenses for a given period c. resources that provide future economic benefits to a business d. claims by outsiders on the resources of a business e. revenues less expenses f. a business owned by shareholders 9. shows the net change in the cash account for a given period h. a formal listing of the accounting equation on a specified date 1. corporation 2. cash flowstatement 3. income statement 4. net income 5. proprietorship 6. balance sheet 7. liabilities 8. assets

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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2) Choose the appropriate definition for the terms below.
a. a business owned by a single owner
b. a statement summarizing the revenues and expenses for a given period
c. resources that provide future economic benefits to a business
d. claims by outsiders on the resources of a business
e. revenues less expenses
f. a business owned by shareholders
g. shows the net change in the cash account for a given period
h. a formal listing of the accounting equation on a specified date
1. corporation
2. cash flowstatement
3. income staterment
4. net income
5. proprietorship
6. balance sheet
7. liabilities
8. assets
Transcribed Image Text:2) Choose the appropriate definition for the terms below. a. a business owned by a single owner b. a statement summarizing the revenues and expenses for a given period c. resources that provide future economic benefits to a business d. claims by outsiders on the resources of a business e. revenues less expenses f. a business owned by shareholders g. shows the net change in the cash account for a given period h. a formal listing of the accounting equation on a specified date 1. corporation 2. cash flowstatement 3. income staterment 4. net income 5. proprietorship 6. balance sheet 7. liabilities 8. assets
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