QUESTION 4 Match the correct term to the best definition - - - - - - - Assets Balance Sheet Liabilities Income statement Overhead Costs Owner's Equity Bilings in Excess of Costs and Profits. Accumulated depreciation Costs and Profits in Excess of Billings Accounts Payable a. Those resources held by a company that will lead to some future cash inflows A snapshot of the company's financial assets, liabilities, and the value of the company to its owner(s) (also known as owner's equity). Obligations for a company to transfer assets or render services of some future time for which the company is already committed to Shows a company's revenues, expenses, and the resulting profits generated over a period of time. Those costs that cannot be charged to a specific construction project or be included in the equipment costs section of the income statement. The claim of a company's owners or shareholders on the assets that remain after the liabilities are paid. Also referred to as net worth Often referred to as overbilings. This occurs when companies bill more than the g. costs incurred plus the estimated profits or earnings associated with the completed work h. The losses in value to date of the fixed assets. Also referred to as underbillings. These occur when the company bills loss than the 1. costs incurred plus the estimated profits or earning associated with the completed work, Debts that the company owes and expects to pay within one year that are not evidenced by a written promise to pay