Question: A list of accounting concepts and related definitions is presented

A list of accounting concepts and related definitions is presented below.
Concept
1. Revenue
2. Expense
3. Net income (loss)
4. Dividend
5. Asset
6. Liability
7. Stockholders’ equity
Definition
a. Owner’s claim on the resources of a company
b. The difference between revenues and expenses
c. Increase in assets from the sale of goods or services
d. Economic resources of a company
e. Cost of assets consumed in the operation of a business
f. Creditors’ claims on the resources of a company
g. Distribution of earnings to stockholders
Required:
Match each of the concepts with its corresponding definition.

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  • CreatedSeptember 22, 2015
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