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:

Serial-Position Effect

The tendency of a person to recall the first and last items in a series best, and the middle items worst.

Recall

The ability to retrieve and reproduce information from memory that was previously learned or experienced.

Semantic Memory

A type of long-term memory involving the ability to remember meanings, understandings, and other concept-based knowledge unrelated to personal experiences.

Circumference

The linear distance around the edge of a closed curve or circular object.