​Match the Accounting Terminology with Its Definition and Example

question 45

Multiple Choice

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​If an office building is bought for $700,000,this is what the amount you pay for it is called

• A)accounts payable
• B)​assets
• C)​corporation
• D)​cost
• E)​economic entity assumption
• F)​liabilities
• G)​market value
• H)​monetary unit assumption
• I)​note payable
• J)​(paid-in)capital
• K)​partnership
• L)​proprietorship
• M)​retained earnings
• N)stockholders' equity

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Definitions:

New Drugs

Refers to medications or therapies that have recently been developed and introduced to the market, typically after undergoing rigorous testing and approval processes.

Manufacture

The process of making goods on a large scale using labor and machines, typically within a factory setting.

Industry

A group of companies that are related based on their primary business activities.

Variable Costs

Costs that change in proportion to the level of goods or services that a business produces.