Here are some terms from the chapter:
1. Accounts payable
2. Expenses
3. Creditor
4. International Financial Reporting Standards (IFRS)
5. Prepaid expense
6. Profit
7. Assets
8. Corporation
9. Unearned revenue
10. Generally accepted accounting principles
11. Accounts receivable
12. Owner's equity
Instructions
Match each term with the best description that follows:
(a) _______ A company that raises money by issuing shares
(b) _______ An accepted set of accounting standards that includes broad principles, practices, rules, and procedures
(c) _______ Obligations to suppliers of goods
(d) _______Amounts due from customers
(e) _______Owner's claims against the company's resources
(f) _______ Payment of cash for costs incurred in advance of being used
(g) _______ A party that a company owes money to
(h) _______ Resources owned by a business that have the ability to provide a future benefit
(i) _______ The set of accounting standards that all publicly accountable enterprises in Canada have to follow
(j) _______ Results when revenues exceed expenses
(k) _______ The cost of assets consumed or services used in a company's ordinary business activities
(l) _______ A liability arising when a customer pays in advance of receiving service