Place the corresponding letter of the definition next to the term. _____ 1. Liabilities _____ 2. Assets
Question:
_____ 1. Liabilities
_____ 2. Assets
_____ 3. Corporation
_____ 4. Dividends
_____ 5. Sole proprietorship
_____ 6. Partnership
_____ 7. Transaction
a. Any event that affects a firm’s financial position.
b. Organization form with a single owner.
c. Organization form with two or more owners.
d. Organization form that can have an indefinite life.
e. Debt owed to outsiders.
f. Economic resources of the business.
g. Payment of cash to the owners of a corporation.
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1 Liabilities e Debt owed to outsiders 2 Assets f Economic resources of the busi...View the full answer
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