Here are some terms from the chapter:

1. Accounts payable

2. Expenses

3. Creditor

4. International Financial Reporting

5. Prepaid expense

6. Profit

7. Assets

8. Corporation

9. Unearned revenue

10. Generally accepted accounting Standards (IFRS) principles (GAAP)

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, procedures, and concepts

c. _______ Obligations to suppliers of goods

d. _______ Amounts due from customers

e. _______ Owner’s claims against the company’s residual 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 potential to provide economic benefit

i. _______ The set of accounting standards that all publicly traded enterprises in Canada must 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