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

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

Problem 1Q

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Question

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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