PROBLEM 1. (10 points) For each statement below, write the letter or number of the term from the list that the statement best describes. Some terms may be used more than once, while others are not used at all. _A distribution of cash to the owners of a corporation. _The private sector group in the US that has responsibility for setting accounting standards. _The excess of operating revenues over operating expenses. LA bundle of future economic benefits owned by a business. _The organization formed to develop worldwide accounting standards. _Outflows of assets resulting from the day-to-day operating activities of the business. _The assumption that an entity is not in the process of liquidation and that it will continue indefinitely. _A credit instrument that represents a promise to repay an amount borrowed and interest in the future. _The income eamed less dividends paid over the life of an entity. _The owners' claims to the assets of a corporation. Y AICPA Z PCAOB 1 GAAP A Sarbanes-Oxley Act I Retained earnings Q Account payable B Statement of cash flows J Relevance R Revenues Reliability K Conservatism S Expenses D Working capital L Net income T Losses E Assets M Income statement U Contributed capital F Liabilities N Note payable V Going concem G Stockholders' equity o Balance sheet W Economic entity concept 2 SEC 3 GASB 4 IFRS 5 IASB H Operating income P Dividends X Time period assumption 6 FASB