Match each of the following accounting terms with its correct definition:
Terms: Definitions:
1. Accounting equation
2. Asset
3. Balance sheet
4. Expense
5. Income statement
6. Liability
7. Net income
8. Net loss
9. Revenue
10. Cash flow statement
11. Statement of owner's equity
a. An economic resource that is expected to be of benefit in the future
b. An economic obligation (a debt) payable to an individual or an organization outside the business
c. Excess of total expenses over total revenues
d. Excess of total revenues over total expenses
e. The basic tool of accounting, stated as Assets = Liabilities + Owner's Equity
f. The decrease in equity that occurs from using assets or increasing liabilities in the course of delivering goods or services to customers
g. Amounts earned by delivering goods or services to customers
h. Report that shows cash receipts and cash payments during a period
i. Report that shows an entity's assets, liabilities, and owner's equity as of a specific date
j. Report that shows an entity's revenues, expenses, and net income or net loss for a period of time
k. Report that shows the changes in owner's equity for a period of time