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Home / Questions / Match the following definitions with the terms Place the number that identifies the

Match the following definitions with the terms Place the number that identifies the

Match the following definitions with the terms. Place the number that identifies the best definition in the blank space next to the term.

1. Monetary unit principle

A financial statement that lists cash inflows (receipts) and cash outflows (payments); the cash flows are arranged by operating, investing, and financing activities.

 

2. Expenses

An exchange of value between two parties.

 

3. Statement of retained earnings

The principle that assumes transactions and events can be expressed in money units.

 

4. Business entity principle

The principle that requires a business to be accounted for separately from its owners.

 

5. Statement of cash flows

The principle that revenue is recognized when earned.

 

6. Liabilities

The relation between a company's assets, liabilities and equity.

 

7. Revenue recognition principle

A financial statement that reports the changes in retained earnings over the reporting period; adjusted for increases from net income and for decreases such as dividends or net loss.

 

8. Business transaction

The cost of assets or services used to earn revenue.

 

9. Accounting equation

Creditor's claims on assets.

 

 

Jan 28 2020 View more View Less

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