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Match each definition with its related term by selecting the appropriate term in the dropdown provided. There should be only one definition per term (that is, there are more definitions than terms). Note: Select "None of these are correct" if there is no Term for the "Definition". Definition Term A. Report the long life of a company in shorter periods. B. Record expenses in the same time period as incurred in earning revenue. C. The time it takes to purchase goods or services from suppliers, sell goods or services to customers, and collect cash from customers. D. Record revenues when earned and expenses when incurred. E. Result primarily from the disposal of assets for more than their cost minus the amount of cost depreciated in the past. F. An asset account used to record cash paid before expenses have been incurred. G. Revenues are recognized when the company transfers promised goods or services to customers in the amount it expects to receive. H. Result primarily from the disposal of assets for less than their cost minus the amount of cost depreciated in the past. I. Record revenues when received and expenses when paid. J. The income statement equation. K. The costs of operating the business that are incurred to generate revenues during the period. L. The retained earnings equation. M. A liability account used to record cash received before revenues have been earned. Operating cycle Accrual basis accounting Prepaid expenses Cash basis accounting Revenues - Expenses Net Income Ending Retained Earnings Beginning Retained Earnings + Net Income - Dividends Declared Unearned revenue

Match each definition with its related term by selecting the appropriate term in the dropdown provided. There should be only one definition per term (that is, there are more definitions than terms). Note: Select "None of these are correct" if there is no Term for the "Definition". Definition Term A. Report the long life of a company in shorter periods. B. Record expenses in the same time period as incurred in earning revenue. C. The time it takes to purchase goods or services from suppliers, sell goods or services to customers, and collect cash from customers. D. Record revenues when earned and expenses when incurred. E. Result primarily from the disposal of assets for more than their cost minus the amount of cost depreciated in the past. F. An asset account used to record cash paid before expenses have been incurred. G. Revenues are recognized when the company transfers promised goods or services to customers in the amount it expects to receive. H. Result primarily from the disposal of assets for less than their cost minus the amount of cost depreciated in the past. I. Record revenues when received and expenses when paid. J. The income statement equation. K. The costs of operating the business that are incurred to generate revenues during the period. L. The retained earnings equation. M. A liability account used to record cash received before revenues have been earned. Operating cycle Accrual basis accounting Prepaid expenses Cash basis accounting Revenues - Expenses Net Income Ending Retained Earnings Beginning Retained Earnings + Net Income - Dividends Declared Unearned revenue

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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Match each definition with its related term by selecting the appropriate term in the dropdown provided. There should be only one definition per term (that is, there are more definitions than terms). Note: Select "None of these are correct" if there is no Term for the "Definition". Definition Term A. Report the long life of a company in shorter periods. B. Record expenses in the same time period as incurred in earning revenue. C. The time it takes to purchase goods or services from suppliers, sell goods or services to customers, and collect cash from customers. D. Record revenues when earned and expenses when incurred. E. Result primarily from the disposal of assets for more than their cost minus the amount of cost depreciated in the past. F. An asset account used to record cash paid before expenses have been incurred. G. Revenues are recognized when the company transfers promised goods or services to customers in the amount it expects to receive. H. Result primarily from the disposal of assets for less than their cost minus the amount of cost depreciated in the past. I. Record revenues when received and expenses when paid. J. The income statement equation. K. The costs of operating the business that are incurred to generate revenues during the period. L. The retained earnings equation. M. A liability account used to record cash received before revenues have been earned. Operating cycle Accrual basis accounting Prepaid expenses Cash basis accounting Revenues - Expenses Net Income Ending Retained Earnings Beginning Retained Earnings + Net Income - Dividends Declared Unearned revenue
Transcribed Image Text:Match each definition with its related term by selecting the appropriate term in the dropdown provided. There should be only one definition per term (that is, there are more definitions than terms). Note: Select "None of these are correct" if there is no Term for the "Definition". Definition Term A. Report the long life of a company in shorter periods. B. Record expenses in the same time period as incurred in earning revenue. C. The time it takes to purchase goods or services from suppliers, sell goods or services to customers, and collect cash from customers. D. Record revenues when earned and expenses when incurred. E. Result primarily from the disposal of assets for more than their cost minus the amount of cost depreciated in the past. F. An asset account used to record cash paid before expenses have been incurred. G. Revenues are recognized when the company transfers promised goods or services to customers in the amount it expects to receive. H. Result primarily from the disposal of assets for less than their cost minus the amount of cost depreciated in the past. I. Record revenues when received and expenses when paid. J. The income statement equation. K. The costs of operating the business that are incurred to generate revenues during the period. L. The retained earnings equation. M. A liability account used to record cash received before revenues have been earned. Operating cycle Accrual basis accounting Prepaid expenses Cash basis accounting Revenues - Expenses Net Income Ending Retained Earnings Beginning Retained Earnings + Net Income - Dividends Declared Unearned revenue
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