Lesson 1 Exercise Question 1: Choose the appropriate definition for the terms below. a. a business owned by a single owner b. a statement summarizing the revenues and expenses for a given period C. resources that provide future economic benefits to a business d. claims by outsiders on the resources of a business e. revenues less expenses f. a business owned by shareholders 8. shows the net change in the cash account for a given period h. a statement showing the assets, liabilities and shareholders' equity on a specific date 1. 2. 3. 4. 5. 6. 7. 8. corporation cash flow statement income statement net income proprietorship balance sheet liabilities Assets Question 2: write the financial statement to which each item belongs. (a) Common shares/Share capital (b) Income tax payable (c) Dividends (d) Income tax expense (e) Ending balance of retained earnings (f) Total assets (6) Long-term debt (h) Revenue (0) Selling, general & administrative expenses/operating expenses (i) Ending cash balance (k) Current liabilities (0) Net income