Below Is a List of Terms: 1) Expenses

question 45

Essay

Below is a list of terms: 1) Expenses
2) Extraordinary items
3) Gains
4) Income from continuing operations
5) Losses
6) Net income
7) Operating Income
8) Other comprehensive income items
9) Revenues

Required:
Match the appropriate term with the definition below. a) Increases in assets or settlement of liabilities from delivering goods or producing goods
b) Outflows or using up assets
c) Other increases in equity resulting from transactions other than revenue producing
d) Decreases in equity
e) Top portion of the income statement
f) Main body of the income statement
g) Bottom line of the income statement
h) With net income in a single continuous statement
i) Below the discontinued operations results

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Definitions:

Voucher Number

A unique identifier assigned to a voucher, which is a document authorizing a payment or receipt in the accounting system.

Internal Control

Processes and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Separation Of Duties

is a preventive security measure in organizations to reduce the risk of fraud or error, requiring more than one person to complete key tasks.

Voucher System

A control mechanism in accounting that uses vouchers to record transactions and ensure expenditures are properly authorized.