estion 39 options: The concept that nonbusiness assets and liabilities are not included in the business' accounting records. A formal written promise to pay a supplier or lender a specified sum of money at a definite future time. The excess of total revenues over total expenses for the period. An unwritten promise to pay a supplier for assets purchased or services rendered. A separate record used to summarize changes in each asset, liability, and owner's equity of a business. Items a business owns that will provide future benefits. Reports assets, liabilities, and owner's equity on a specific date. An economic event that has a direct impact on the business. Reports beginning capital, plus net income, less withdrawals to compute ending capital. Withdrawals that reduce owner's equity as a result of the owner taking cash or other assets out of the business for personal use. The decrease in assets (or increase in liabilities) as a result of efforts to produce revenues. An amount owed to a business by its customers as a result of the sale of goods or services. Consists of the three basic accounting elements: assets = liabilities + owner's equity. An individual, association, or organization that engages in economic activities and controls specific economic resources. Reports the profitability of business operations for a specific period of time. The amount by which the business assets exceed the business liabilities. 1. account 2. accounts payable 3. accounts receivable 4. accounting equation 5. assets 6. balance sheet 7. business entity 8. business entity concept 9. business transaction 10. drawing 11. expenses 12. income statement 13. liability 14. net income 15. net loss 16. notes payable 17. owner's equity 18. revenues 19. statement of owner's equity

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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Match the terms with the definitions.

Question 39 options:

	The concept that nonbusiness assets and liabilities are not included in the business' accounting records.
	A formal written promise to pay a supplier or lender a specified sum of money at a definite future time.
	The excess of total revenues over total expenses for the period.
	An unwritten promise to pay a supplier for assets purchased or services rendered.
	A separate record used to summarize changes in each asset, liability, and owner's equity of a business.
	Items a business owns that will provide future benefits.
	Reports assets, liabilities, and owner's equity on a specific date.
	An economic event that has a direct impact on the business.
	Reports beginning capital, plus net income, less withdrawals to compute ending capital.
	Withdrawals that reduce owner's equity as a result of the owner taking cash or other assets out of the business for personal use.
	The decrease in assets (or increase in liabilities) as a result of efforts to produce revenues.
	An amount owed to a business by its customers as a result of the sale of goods or services.
	Consists of the three basic accounting elements: assets = liabilities + owner's equity.
	An individual, association, or organization that engages in economic activities and controls specific economic resources.
	Reports the profitability of business operations for a specific period of time.
	The amount by which the business assets exceed the business liabilities.

1.	account
2.	accounts payable
3.	accounts receivable
4.	accounting equation
5.	assets
6.	balance sheet
7.	business entity
8.	business entity concept
9.	business transaction
10.	drawing
11.	expenses
12.	income statement
13.	liability
14.	net income
15.	net loss
16.	notes payable
17.	owner's equity
18.	revenues
19.	statement of owner's equity

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