Match the Term and the Explanation

question 56

Multiple Choice

Match the term and the explanation.There are more definitions than terms.
-Prepaid Expense

• A)The concept that expenses should be reported at the same time as the related revenue.
• B)Reported when a company sells goods or services in the ordinary course of business for more than it costs to produce.
• C)A company's policy on when to report revenue in the financial statements.
• D)A ratio that indicates the percent of each revenue dollar that is left over after covering costs and expenses.
• E)Reporting expenses and revenue according to the time the underlying activities occur.
• F)A liability account indicating customers have already paid for services not yet rendered.
• G)The principle that changes in assets must be matched by changes in liabilities and equity.
• H)An indication that a company has already paid a cost not yet incurred.
• I)A list of account balances when the accounts do not yet include all revenues and expenses.
• J)Also known as net assets,this is the value of assets minus liabilities.
• K)Reporting expenses and revenues according to the time the money is paid or received.

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Definitions:

Egocentrism

The inability to differentiate between one's own perspective and someone else's, often leading to viewing situations from only a personal viewpoint.

Maturation

The process of development in which an individual matures or reaches full biological potency, influenced by genetic factors rather than by learning or experience.

Walk

The act of moving at a regular pace by lifting and setting down each foot in turn, never having both feet off the ground at once.

Social Responsiveness

The degree to which individuals respond to social stimuli or interactions within their environment.