Match the Terms with the Definitions

question 53

Multiple Choice

Match the terms with the definitions.

-The concept that nonbusiness assets and liabilities are not included in the business' accounting records.

• 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:

Piaget's Concept

Refers to the theory of cognitive development proposed by Jean Piaget, which describes how children construct a mental model of the world around them at different stages of their growth.

Infant

A very young child or baby, typically considered to be in the developmental stage from birth to one year of age.

Behaviorist

A psychological perspective focusing on observable behaviors and the ways they're learned, often disregarding internal mental states.

Environment Shapes Behavior

The concept that the surroundings and conditions in which an individual lives can influence their actions and development.