​Match the Accounting Terminology with Its Definition and Example

question 53

Multiple Choice

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​The ownership claim on total assets

• 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:

Queuing Theory

A mathematical study of waiting lines or queues, focused on understanding and optimizing processes in which entities wait for service.

Waiting Time

The period during which one waits for something to happen or arrive.

Hierarchy of Authority

An organizational structure where every entity in the organization, except one, is subordinate to a single other entity.

Efficiently

means accomplishing a task or completing a process in a way that maximizes productivity with the minimum wasted effort or expense.