Answer

a e Problem 1: Matching Instructions: Match column A with Column B. Write LETTERS ONLY on the provided answer sheet. COLUMNA COLUMN B 1. It is also known as bookkeeping. GAAP 2. An external user of financial information. b IFRS 3. The owners of corporations. Revenues 4. The body that has the power to describe the accounting d Economic entity practices and standards used by many countries except US. Expenses 5. The assumption that enables accounting to quantify (measure) f Liabilities economic events. g Retained earnings 6. Common characteristic possessed by all assets. h Dividends 7. Existing debts or obligations. Recording 8. Performance of services, selling of merchandise, rental of j Analyzing property. k Net Income 9. Another component of equity aside from share capital. 1 Net Loss 10. Distribution of cash or other assets to shareholders. Investor 11. Revenues