Match the Terms with the Definitions

question 12

Multiple Choice

Match the terms with the definitions.

-Consists of the three basic accounting elements: assets = liabilities + owner's equity.

• 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

Comprehend the principles of causation in law, including but not limited to factual and proximate cause.

Identify and explain the fundamental elements of negligence in legal contexts.

Define and apply the doctrine of res ipsa loquitur, including the requirements for a successful claim.

Analyze legal scenarios involving premises liability, specifically relating to safety regulations and negligence.

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Definitions:

Monthly Sales

The total revenue or units sold by a company in one calendar month.

Degree of Operating Leverage

A financial indicator that evaluates how changes in sales volume impact a company's operating earnings.

Break-even

The juncture where overall expenses match total income, indicating neither profit nor loss is present.

Unit Sales

The total quantity of an item or product sold.