Question $1[10$ points$]$

Choose the term that best matches each of the following descriptions:

a$)$

b$)$

c$)$

d$)$

e$)$

f$)$

g$)$

h$)$

i$)$

i$)$

a

Explains how the balance in cash changed over a period of time by detailing the sources $($inflows$)$ and ustilows$)$ of cash by type of activity:

operating, investing, and financing.

People who do not participate in the day$-$to$-$day management of the corporation but delegates this responsibility to the officers of the corporation.

An owner who owns shares of a corporation.

The area of accounting that focuses on external reporting and meeting the needs of external users.

A business owned by shareholders. Each shareholder owns shares of the business.

The day$-$to$-$day processes involved in selling products and$/$or services to generate net income.

The medium through which information is communicated to external users.

A characteristic of a business meaning that if the business could not pay its debts, the owner$($s$)$ would be responsible even if the business's debts were

greater than the owner's or owners' personal resources.

The underlying accounting concepts or principles that is based on International Financial Reporting Standards $($IFRS$)$ for publically accountable

enterprises.

Provides information about how the balances in Share capital and Retained earnings changed during the period.