Match the Term with Its Definition

question 41

Multiple Choice

Match the term with its definition.(There are more definitions than terms. )
-Accounting Equation

• A)The abbreviation for an item posted on the left side of a T-account.
• B)A balance sheet that has not yet been publicly released.
• C)A transaction that is triggered automatically merely by the passage of time.
• D)When a company becomes included in the Fortune 500.
• E)The account credited when cash is received in exchange for stock issued.
• F)The value of a company's public relations campaign.
• G)An event that has no effect on the balance sheet and is not recorded in the financial statements.
• H)A balance sheet that has assets and liabilities categorized as current vs.noncurrent.
• I)Amounts owed to suppliers for goods or services bought on credit.
• J)The abbreviation for an item posted on the right side of a T-account.
• K)An exchange or event that has a direct impact on a company's financial statements.
• L)Liabilities divided by assets.
• M)Another name for stockholders' equity or shareholders' equity.
• N)A method of recording a transaction in debit/credit format.
• O)The expression that assets must equal liabilities plus stockholders' equity.

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Definitions:

Injured Buyer

Refers to a purchaser who has suffered harm or damage due to misrepresentation, defective goods, or breach of warranty in a transaction, and may seek legal remedy.

Open and Obvious Risks

Hazards or dangers in a particular environment that are so apparent and recognizable that they should be avoided by anyone paying reasonable attention.

Duty to Warn

a legal obligation to inform others of a risk or hazard that is not immediately apparent, to prevent harm.

Section 402A

A part of the Restatement (Second) of Torts, introducing the concept of strict liability for producing and selling defective products that cause harm to the consumer.