Match the terms with the definition/example

Group of answer choices

Expense

[ Choose ]

What you would label as the difference between what you paid for a business versus what the assets are valued at (paid $10 million for Smith LLP, but assets are valued at $5 million)

conservatism and consistency are examples

includes capital provided by investors and profits (losses) retained by the company

payment received for products or services that have not yet been delivered/provided to the customer costs incurred in generating sales recorded during that time period

equipment purchased and the amount is accounted for "below the line"

piece of equipment purchased and depreciated

Equity

[ Choose ]

What you would label as the difference between what you paid for a business versus what the assets are valued at (paid $10 million for Smith LLP, but assets are valued at $5 million)

conservatism and consistency are examples

includes capital provided by investors and profits (losses) retained by the company

payment received for products or services that have not yet been delivered/provided to the customer costs incurred in generating sales recorded during that time period

equipment purchased and the amount is accounted for "below the line"

piece of equipment purchased and depreciated

Deferred revenue

[ Choose ]

What you would label as the difference between what you paid for a business versus what the assets are valued at (paid $10 million for Smith LLP, but assets are valued at $5 million)

conservatism and consistency are examples

includes capital provided by investors and profits (losses) retained by the company

payment received for products or services that have not yet been delivered/provided to the customer costs incurred in generating sales recorded during that time period

equipment purchased and the amount is accounted for "below the line"

piece of equipment purchased and depreciated

Goodwill

[ Choose ]

What you would label as the difference between what you paid for a business versus what the assets are valued at (paid $10 million for Smith LLP, but assets are valued at $5 million)

conservatism and consistency are examples

includes capital provided by investors and profits (losses) retained by the company

payment received for products or services that have not yet been delivered/provided to the customer costs incurred in generating sales recorded during that time period

equipment purchased and the amount is accounted for "below the line"

piece of equipment purchased and depreciated

Matching

[ Choose ]

What you would label as the difference between what you paid for a business versus what the assets are valued at (paid $10 million for Smith LLP, but assets are valued at $5 million)

conservatism and consistency are examples

includes capital provided by investors and profits (losses) retained by the company

payment received for products or services that have not yet been delivered/provided to the customer costs incurred in generating sales recorded during that time period

equipment purchased and the amount is accounted for "below the line"

piece of equipment purchased and depreciated

GAAP

[ Choose ]

What you would label as the difference between what you paid for a business versus what the assets are valued at (paid $10 million for Smith LLP, but assets are valued at $5 million)

conservatism and consistency are examples

includes capital provided by investors and profits (losses) retained by the company

payment received for products or services that have not yet been delivered/provided to the customer costs incurred in generating sales recorded during that time period

equipment purchased and the amount is accounted for "below the line"

piece of equipment purchased and depreciated

Capital expenditure

[ Choose ]

What you would label as the difference between what you paid for a business versus what the assets are valued at (paid $10 million for Smith LLP, but assets are valued at $5 million)

conservatism and consistency are examples

includes capital provided by investors and profits (losses) retained by the company

payment received for products or services that have not yet been delivered/provided to the customer costs incurred in generating sales recorded during that time period

equipment purchased and the amount is accounted for "below the line"

piece of equipment purchased and depreciated