Match the Terminology with the Description by Entering the Proper

question 60

Essay

Match the terminology with the description by entering the proper letter in the space to the left.
A. Credits
B. Share Capital
C. Cost principle
D. Transaction
E. Debits
F. Liability
G. Statement of financial position
H. Primary objective of external financial reporting
I. Separate-entity assumption
J. Retained earnings
K. As at December 31, 20A
L. For the period ended December 31, 20A
M. None of the above is correct
1. Increase assets and decreases shareholders'' equity.
2. An exchange between an entity and another party.
____ 3. Normal balances for liabilities.
____ 4. To provide useful economic information about a business to help external parties make sound financial decisions.
5. Accounting assumption that requires assets to be recorded at their cash equivalent cost.
____ 6. Cumulative earnings that have not been distributed to the owners.
____ 7. A debt owed by the entity.
____ 8. Statement of financial position.
9. Account for a business separate from its owners.
10. Dating of the statement of financial position (20A).

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Definitions:

Ordinal Data

A type of categorical data where the categories have a natural, ordered relationship.

Wilcoxon Rank Sum Test

A nonparametric test that compares two unrelated samples to determine if there is a difference in their central tendency.

Sign Test

A nonparametric method utilized to identify if a median variance exists between paired data points.

Wilcoxon Signed-Rank Test

A nonparametric statistical hypothesis test used to compare two related samples, matched samples, or repeated measurements on a single sample to assess whether their population mean ranks differ.