​Match the Accounting Terminology with Its Definition and Example

question 21

Multiple Choice

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​Personal living expenses are kept separate from the expenses of the business

• 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

---

Definitions:

Active Part

The involvement or engagement in activities or actions, often implying a significant role in the process or outcome.

Certificate

A document serving as evidence or proof of certain facts, ownership, completion of requirements, or entitlements.

Limited Partnership

A partnership consisting of at least one general partner and at least one limited partner who is not responsible for the debts and obligations of the business beyond the amount of their investment.

Service of Process

The procedure by which a party to a lawsuit gives an appropriate notice of initial legal action to another party (such as a defendant), court, or administrative body to exercise jurisdiction over that person or property.