​Match the Accounting Terminology with Its Definition and Example

question 43

Multiple Choice

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​A business owned by one person,who is often the manager/operator of the business;the owner's net worth or equity (which consists of the amount by which the fair market value of all assets exceed liabilities)

• 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:

Significance Level

The risk of erroneously declining the null hypothesis in statistical evaluation, commonly marked by alpha.

Linearly Related

A description of two variables that change at a constant rate with respect to each other.

Late Assignments

Assignments submitted after the deadline.

Annual Income

The total amount of income earned over a year before taxes and other deductions.