Match the Terms with the Definitions

question 25

Multiple Choice

Match the terms with the definitions.

-A formal written promise to pay a supplier or lender a specified sum of money at a definite future time.

• 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:

Change Outcomes

The results or effects that occur as a consequence of implementing change within an organization.

Better Outcomes

refers to improved results or benefits achieved through particular actions or decisions.

Efforts

The physical or mental energy exerted towards achieving goals, tasks, or overcoming challenges.

Performance

The act of carrying out a task or function, often measured against known standards of accuracy, completeness, and speed.