MATCHING Complete the Following Using the Terms Listed

question 124

Multiple Choice

MATCHING
Complete the following using the terms listed.
-_____ represents the owners' initial investment in the business plus profits that were not paid out to owners over time in the form of cash dividends.

• A)certified public accountant
• B)International Financial Reporting Standards
• C)asset
• D)liability
• E)Owners' equity
• F)accounting equation
• G)balance sheet
• H)income statement
• I)Foreign Corruption Practices Act
• J)accrual accounting
• K)open book management
• L)budget
• M)generally accepted accounting principles (GAAP)
• N)Financial Accounting Standards Board (FASB)
• O)profitability ratios
• P)International Accounting Standards Committee (IASC)
• Q)Leverage ratios
• r
• management accountant

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Definitions:

Invoice Price

The amount that appears on an invoice as the cost of buying or procuring a product or service.

Credit Terms

The conditions under which a seller will extend credit to a buyer, specifying the repayment period, interest rate, and consequences of late payment.

General Journal Entries

Records of financial transactions in the order they occur, serving as the initial place of entry in the accounting system.

Invoice Price

The initial price listed by a seller to a buyer on an invoice, before any discounts or adjustments.