Consider the following terms and definitions:
TERMS:
1. Proprietorship
2. Faithful representation
3. Partnership
4. Stock
5. Limited liability
6. Limited Liability Company
7. Cost principle
8. FASB
9. Net loss of $15,000
10. Creditors
DEFINITIONS:
A. Feature that enables a corporation to raise more money than proprietorships and partnerships
B. Holds that fair market value should not be used over actual costs
C. Stands for Financial Accounting Standards Board
D. Owner is referred to as a proprietor
E. Asserts that data are complete, neutral, and free from material error
F. Revenues of $70,000 and expenses of $85,000
G. Has unlimited liability
H. Represents ownership in a corporation
I. Type of entity that is designed to limit personal liability exposure
J. Person or business lending money
Requirement
1. Match the terms with their correct definitions.