Match each term with its related definition by entering the appropriate letter in the space provided. There
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Term Definition . Transaction A. Economic resources to be used or turned into cash within one year equity holders' equity 2 Separate Entity Assumption 3. Balance Sheet B. Reports assets, liabilities, and stockholders 4. Liabilities C. Decrease assets; increase liabilities and stock 5. Assets Liabilities + Stockholders Equity 6. Current Assets D. Increase assets, decrease liabilities and stock 7. Notes Payable -8. Duality of Effects holders' equity An exchange or event that has a direct and measurable financial effect. E. 9. Retained Earnings 10. Debit F Accounts for a business separate from its ownens. G. The principle that assets should be recorded at their original cost to the company H. A standandized format used to accumulate data about each item reported on financial statements しThe basic accounting equation.e.m . The two equalities in accounting that aid in providing accuracy K. The account credited when monev is borrowed from a bank using a promissory note. L Cumula tive earnings of a company that are not distributed to the owners M. Every transaction has at least two effects. N. Amounts presently owed by the business.
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Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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