Question: Concept matching __ 1. Ethics A. Resources owned by the company __ 2. Owner's equity B. Decrease the owner's equity account __ 3. Accounting C.
Concept matching
|
__ |
1. |
Ethics |
A. |
Resources owned by the company |
| __ | 2. | Owner's equity | B. | Decrease the owner's equity account |
| __ | 3. | Accounting | C. | Increase the owner's equity account |
| __ | 4. | Assets | D. | Provides valuable information for external users |
| __ | 5. | Constituents (Business stakeholder) | E. | Economic data are recorded in dollars; provides uniformity to financial statements |
| __ | 6. | Chart of accounts | F. | Provides useful information for the decision-making process (internal users) |
| __ | 7. | Unit of measure concept | G. | Person or entity that has a vested interest in the economic performance and well-being of a company |
| __ | 8. | Objectivity concept | H. | Moral principles that guide the conduct of individuals |
| __ | 9. | Liabilities | I. | Income and expenses are reported in the same accounting period |
| __ | 10. | Revenues | J. | List of the accounts of a company |
| __ | 11. | Financial Accounting | K. | Creditors' rights; company debts |
| __ | 12. | Business entity concept | L. | Assets = Liabilities + Owner's Equity |
| __ | 13. | Matching concept | M. | Rights of the owners |
| __ | 14. | Drawings or owner withdrawals | N. | An information system that provides reports to constituents (stakeholders) on the economic activities and financial condition of a company |
| __ | 15. | Accounting equation | O. | Accounting records and financial statements should be based on evidence that can be verified |
| __ | 16. | Management accounting | P. | The accounting records of the company and the personal records of the business owners must be kept separate. |
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