Match the following definitions with the appropriate terms.
A. Events
B. Business entity principle
C. Monetary unit principle
D. Expenses
E. Income statement
F. Statement of cash flows
G. Accounting equation
H. Liabilities
I. Revenue recognition principle
A. Happenings, such as changes in market value, that effect the accounting equation and are reliably measured.
B. The principle that requires a business to be accounted for separately from its owners.
C. The principle that assumes transactions and events can be expressed in money units.
D. The cost of assets or services used to earn revenue.
E. Describes a company's revenues and expenses along with the resulting net income or loss over a period of time.
F. A financial statement that lists cash inflows (receipts) and cash outflows (payments); the cash flows are arranged by operating, investing, and financing activities.
G. The relation between a company's assets, liabilities, and equity.
H. Creditor's claims on assets.
I. The principle that revenue is recorded when earned through providing goods or services.
You might also like to view...
Which of the following statements about the probing method of obtaining commitment is FALSE?
A. The salesperson should begin by asking directly for a commitment. B. The method is especially effective with Japanese and Arab business prospects. C. This method attempts to bring all pertinent issues into the open. D. After successfully dealing with the prospect's concerns, the sales rep should seek commitment. E. The rep asks a series of questions designed to discover the reason for hesitation.
Which of the following best describes the difference between access controls and application controls?
A. Access controls limit who can change records and application controls provide an audit trail of any changes. B. There is no difference between access and application controls. C. Access controls implement business rules and application controls do not. D. Access controls are "prohibited" business rules and application controls are "allowed" business rules.
Accounting information users need reports about the economic activities and condition of businesses
Indicate whether the statement is true or false
News releases are used in public relations campaigns to promote a firm's viewpoints or to launch new products
Indicate whether the statement is true or false