Select appropriate letter to each of its related definition in the list given below. Definition A. Economic

Select appropriate letter to each of its related definition in the list given below.

Transcribed Image Text:

Definition A. Economic resources to be used or turned into cash within one year. B. Reports assets, liabilities, and stockholders' equity. C. Decrease assets; increase liabilities and stockholders' equity. D. Increase assets; decrease liabilities and stockholders' equity. E. An exchange or event that has a direct and measurable financial effect. F. Accounts for a business separate from its owners. G. The principle that assets should be recorded at their original cost to the company. H. A standardized format used to accumulate data about each item reported on financial statements. 1. The basic accounting equation. J. The two equalities in accounting that aid in providing accuracy. K. The account credited when money is borrowed from a bank using a promissory note. L. Cumulative 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. Term 1. Transaction 2. Separate Entity Assumption 3. Balance Sheet 4. Liabilities 5. Assets = Liabilities + Stockholders' Equity 6. Current Assets 7. Notes Payable 8. Duality of Effects 9. Retained Earnings 10. Debit Definition Definition A. Economic resources to be used or turned into cash within one year. B. Reports assets, liabilities, and stockholders' equity. C. Decrease assets; increase liabilities and stockholders' equity. D. Increase assets; decrease liabilities and stockholders' equity. E. An exchange or event that has a direct and measurable financial effect. F. Accounts for a business separate from its owners. G. The principle that assets should be recorded at their original cost to the company. H. A standardized format used to accumulate data about each item reported on financial statements. 1. The basic accounting equation. J. The two equalities in accounting that aid in providing accuracy. K. The account credited when money is borrowed from a bank using a promissory note. L. Cumulative 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. Term 1. Transaction 2. Separate Entity Assumption 3. Balance Sheet 4. Liabilities 5. Assets = Liabilities + Stockholders' Equity 6. Current Assets 7. Notes Payable 8. Duality of Effects 9. Retained Earnings 10. Debit Definition

Answer rating: 100% (QA)

1 Transaction e An exchange or event that has a direct and measurable fin effect 2 Separate ... View the full answer