Match the Terms with the Definitions

question 14

Multiple Choice

Match the terms with the definitions.

-An amount owed to a business by its customers as a result of the sale of goods or services.

• 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:

Conflict

A serious disagreement or argument, typically a protracted one, that can occur between individuals, groups, or nations.

Discord

A lack of agreement or harmony between people, ideas, or feelings, resulting in conflict or unrest.

Pluralistic Ignorance

A social psychological phenomenon where individuals mistakenly believe their thoughts, feelings, or behaviors are different from those of the group, leading to conformity despite private disagreement.

Social Value Orientation

An individual's preferences when allocating resources between oneself and others, which can influence behavior in social situations.