Match the Terms with the Definitions

question 16

Multiple Choice

Match the terms with the definitions.

-Generally supervises the work of accounting clerks,helps with daily accounting work,and summarizes accounting information.

• A) accountant
• B) accounting
• C) accounting derk
• D) analyzing
• E) auditing
• F) bookkeeper
• G) budgeting
• H) Certified Public Accountant
• I) classifying
• J)controller
• K) corporation
• L) cost accounting
• M) financial accounting
• N) generally accepted accounting principles
• O) internal auditing
• P) interpreting
• Q) manufacturing business
• R) merchandising business
• S) para-accountant
• T) partnership
• U) recording
• V) reporting
• W) service business
• X) sole proprietorship
• Y) summarizing
• Z) tax accounting

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Definitions:

Equilibrium Outcome

The state in a market where supply equals demand, and there is no external pressure to change the price or quantity of goods and services.

Positive Externalities

Benefits that are enjoyed by a third-party or society at large as a result of an economic activity, without them directly paying for it.

Social Benefits

The advantages or positive effects that an action or policy has on society as a whole, including things like improved health, education, and welfare.

Private Benefits

The gains or advantages that accrue directly to an individual or firm from an economic transaction or activity, not affecting others not involved in the transaction.