TOMEWORK. Chapter I Momework Score: 0 of 1 pt 5 of 8 (6 complete) E1-19 (book/static) HW Score: 37.82 Consider the following accounting terms and definitions, and match each term to the definition: (Click the icon to view the definitions.) (Abbreviations used: Stmt. = Statement, ret. = retained, beg. = beginning.) Term Definition 1. Accounting equation 2. Asset 3. Balance sheet a. An economic resource that is expected to be of benefit in the future b. Debts that are owed to creditors 4. Expense c. Excess of total expenses over total revenues 6. Income statement d. Excess of total revenues over total expenses 6. Liability e. The basic tool of accounting, stated as Assets = Liabilities + Equity 7. Net income f. Decreases in equity that occur in the course of selling goods or services g. Increases in equity that occur in the course of selling goods or services 8. Net loss h. Reports on a business's cash receipts and cash payments during a period 9. Revenue 1. Reports on an entity's assets, liabilities, and stockholders' equity as of a specific date 10. Stmt. of cash flowsj. Reports on an entity's revenues, expenses, and net income or loss for the period Stmt. of ret. k. Report how the company's ret, earnings balance changed from the beg, to the end of the period. 11. earnings Choose from any drop-down list and then click Check