Match the Following Terms with the Appropriate Definition

question 317

Multiple Choice

Match the following terms with the appropriate definition.
-Accounting equation

• A)The principle that assumes transactions and events can be expressed in money units.
• B)The cost of assets or services used to earn revenue.
• C)The principle that requires a business to be accounted for separately from its owners.
• D)Describes a company's revenues and expenses along with the resulting net income or loss over a period of time.
• E)Creditor's claims on assets.
• F)The relation between a company's assets, liabilities, and equity.
• G)The principle that revenue is recorded when earned through providing goods or services.
• H)A financial statement that lists cash inflows (receipts) and cash outflows (payments); the cash flows are arranged by operating, investing, and financing activities.
• I)Happenings, such as changes in market value, that effect the accounting equation and are reliably measured.