Match the Terms with the Definitions

question 18

Multiple Choice

Match the terms with the definitions.

-A separate record used to summarize changes in each asset,liability,and owner's equity of a business.

• 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:

Middle Management

Second tier in the management hierarchy that focuses on specific operations within the organizations.

Team Leaders

Individuals responsible for guiding, directing, and managing the performance of a specific group or team to achieve set objectives.

Strategic Plans

Long-term, high-level frameworks that guide the overall direction, priorities, and goals of an organization, crafted to achieve competitive advantage.

Middle Managers

Managers who report to upper management and supervise lower-level managers, often responsible for translating organizational strategies into operational plans.