​Match the Accounting Terminology with Its Definition and Example

question 9

Multiple Choice

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​Money borrowed to purchase merchandise on credit

• 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:

Types

Varieties or categories into which people or things are classified based on common characteristics.

Negotiable Instrument

A paper confirming the promise to pay a certain sum of money, either immediately upon request or at a predetermined date, with the identity of the person making the payment specified on it.

Oral Negotiable

A verbal agreement that is intended to be binding but may lack the formal requirements of a written contract, particularly in the context of negotiable instruments.

Maker Or Drawer

The individual or entity that creates or signs a promissory note, check, or draft, promising to pay a certain sum.