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 ...

a 8 Corporation b 10 Generally accepted accounting principl ...

Here are some terms from the chapter: 1. Accounts payable 2. Expenses 3. Creditor 4. International Financial

Question:

Here are some terms from the chapter:
1.
2. Expenses
3. Creditor
4. International Financial Reporting Standards (IFRS)
5. Prepaid expense
6. Profit
7. Assets
8. Unearned revenue
10. Generally accepted accounting principles
11. 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
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...