Match the Terms with the Definitions

question 77

Multiple Choice

Match the terms with the definitions.

-The amount by which the business assets exceed the business liabilities.

• A) account
• B) accounts payable
• C) accounts receivable
• D) accounting equation
• E) assets
• F) balance sheet
• G) business entity
• H) business entity concept
• I) business transaction
• J) drawing
• K) expenses
• L) income statement
• M) liability
• N) net income
• O) net loss
• P) notes payable
• Q) owner's equity
• R) revenues
• S) statement of owner's equity

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Definitions:

Personality Determination

The process by which one's character is shaped, involving both genetic factors and environmental influences.

Wealth And Power

The possession of significant financial resources and the ability to influence or control the behavior of others, often seen in societal and economic contexts.

Freedom Of Choice

The ability or right of individuals to make their own choices without external constraints.

Continual Need

A perpetual or ongoing requirement for something, which could be emotional, physical, social, or psychological in nature.