Match the Terms with the Definitions

question 6

Multiple Choice

Match the terms with the definitions.

-Reports the profitability of business operations for a specific period of time.

• 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:

Constitutional Means

Methods and techniques established within the framework of a constitution to achieve political, legal, or governmental objectives.

Ideal Of Pluralism

The belief or doctrine that a society should accommodate and embrace a diversity of cultural, religious, and ethnic backgrounds within its political and social institutions.

Governmental Influence

The extent to which government actions or policies affect the decisions and actions of individuals or organizations.

Compete

To strive against others for the purpose of achieving something, such as a prize or a higher level of achievement, often under conditions of equal footing and rules.