Match the Following Definitions with the Terms 1 Through 9

question 214

Short Answer

Match the following definitions with the terms 1 through 9. Place the letter that identifies the best definition in the blank space next to the term.
1. Statement of cash flows
____ 2. Events
3. Monetary unit principle
____ 4. Business entity principle
____ 5. Revenue recognition principle
____ 6. Accounting equation
7. Income statement
____ 8. Expenses
9. Liabilities
a. The relation between a company's assets, liabilities, and equity.
b. Happenings, such as changes in market value, that effect the accounting equation and are reliably measured.
c. The principle that assumes transactions and events can be expressed in money units.
d. Describes a company's revenues and expenses along with the resulting net income or loss over a period of time.
e. A financial statement that lists cash inflows (receipts) and cash outflows (payments); the cash flows are arranged by operating, investing, and financing activities.
f. Creditor's claims on assets.
g. The cost of assets or services used to earn revenue.
h. The principle that requires a business to be accounted for separately from its owners.
i. The principle that revenue is recorded when earned through providing goods or services.

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Definitions:

Sensorimotor Stage

The first of Jean Piaget's stages of cognitive development, where infants from birth to about 2 years old learn through interacting with their environment using their senses and motor actions.

Active Experimentation

A learning approach where individuals learn by doing, engaging in activities to test hypotheses and reflect on outcomes to gain new knowledge.

Mental Combinations

The process where children start to mentally link objects and ideas, indicative of early cognitive development.

Sensorimotor Stage

The first developmental stage in Piaget's theory of cognitive development, where infants learn about the world primarily through their senses and motor actions.