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a. An economic resource that is expected to be of benefit in 1. Accounting equation the future 2. Asset b. Debts that are owed to creditors c. Excess of total expenses over total revenues 3. Balance sheet 4. Expense d. Excess of total revenues over total expenses 5. Income statement e. The basic tool of accounting, stated as Assets = Liabilities + Equity 6. Liability 7. Net income f. Decreases in equity that occur in the course of selling goods or services 8. Net loss 9. Revenue g. Increases in equity that occur in the course of selling goods or services 10. Statement of cash flows 11. Statement of retained h. Reports on a business's cash receipts and cash payments during a period earnings i. Reports on an entity's assets, liabilities, and stockholders' equity as of a specific date j. Reports on an entity's revenues, expenses, and net income or loss for the period k. Reports how the company's retained earnings balance changed from the beginning to the end of the period

a. An economic resource that is expected to be of benefit in 1. Accounting equation the future 2. Asset b. Debts that are owed to creditors c. Excess of total expenses over total revenues 3. Balance sheet 4. Expense d. Excess of total revenues over total expenses 5. Income statement e. The basic tool of accounting, stated as Assets = Liabilities + Equity 6. Liability 7. Net income f. Decreases in equity that occur in the course of selling goods or services 8. Net loss 9. Revenue g. Increases in equity that occur in the course of selling goods or services 10. Statement of cash flows 11. Statement of retained h. Reports on a business's cash receipts and cash payments during a period earnings i. Reports on an entity's assets, liabilities, and stockholders' equity as of a specific date j. Reports on an entity's revenues, expenses, and net income or loss for the period k. Reports how the company's retained earnings balance changed from the beginning to the end of the period

FINANCIAL ACCOUNTING
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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Using accounting vocabulary

Consider the following accounting terms and definitions, and match each term to the definition:

 

a. An economic resource that is expected to be of benefit in 1. Accounting equation the future 2. Asset b. Debts that are owed to creditors c. Excess of total expenses over total revenues 3. Balance sheet 4. Expense d. Excess of total revenues over total expenses 5. Income statement e. The basic tool of accounting, stated as Assets = Liabilities + Equity 6. Liability 7. Net income f. Decreases in equity that occur in the course of selling goods or services 8. Net loss 9. Revenue g. Increases in equity that occur in the course of selling goods or services 10. Statement of cash flows 11. Statement of retained h. Reports on a business's cash receipts and cash payments during a period earnings i. Reports on an entity's assets, liabilities, and stockholders' equity as of a specific date j. Reports on an entity's revenues, expenses, and net income or loss for the period k. Reports how the company's retained earnings balance changed from the beginning to the end of the period
Transcribed Image Text:a. An economic resource that is expected to be of benefit in 1. Accounting equation the future 2. Asset b. Debts that are owed to creditors c. Excess of total expenses over total revenues 3. Balance sheet 4. Expense d. Excess of total revenues over total expenses 5. Income statement e. The basic tool of accounting, stated as Assets = Liabilities + Equity 6. Liability 7. Net income f. Decreases in equity that occur in the course of selling goods or services 8. Net loss 9. Revenue g. Increases in equity that occur in the course of selling goods or services 10. Statement of cash flows 11. Statement of retained h. Reports on a business's cash receipts and cash payments during a period earnings i. Reports on an entity's assets, liabilities, and stockholders' equity as of a specific date j. Reports on an entity's revenues, expenses, and net income or loss for the period k. Reports how the company's retained earnings balance changed from the beginning to the end of the period
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