Match the following definitions with one of the terms listed here.

Item Definition
a. Total revenues less total expenses
b. Provides information for decision makers outside of the organization
c. Provides information for managers of the organization
d. Responsibilities of the members of society to each other
e. Inflows of resources resulting from delivering goods or services to customers
f. Owned by stockholders whose liability is limited to the amount they have invested in the business
g. A debt payable to an outsider
h. Costs of doing business
i. A business organization form with a single owner who is personally liable for all of the business’s debts
j. States that assets should be recorded at their actual cost on the date of purchase
k. Mechanical part of accounting
l. Also called the statement of financial position
m. Economic resources that are expected to produce benefits in the future
n. Entities that provide money to finance a company’s operations
o. Answers the question “How well did the company perform during the period?”
p. Reports cash flows from operating, investing, and financing activities
q. A business organization form with two or more owners who are each personally liable for all of the business’s debts
r. Insider claims of a business

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Asset Balance sheet Bookkeeping Corporation Managerial accounting Net income Partnership Proprietorship Revenues Statement of cash flows Expenses Financial accounting Historical cost principle Income statement Investors and creditors Equity Ethical duties Liability