Match the Terms Below with the Correct Definitions

question 55

Multiple Choice

Match the terms below with the correct definitions.
-Long-lived assets

• A)Property and equipment
• B)Reversing entries
• C)Gross profit
• D)Current ratio
• E)Working capital
• F)Net income or net loss
• G)Net sales
• H)Income from operations
• I)Long-term liabilities
• J)Liquidity

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Definitions:

Owner's Equity

The residual interest in the assets of the entity after deducting liabilities, essentially the net assets owned by the proprietors.

Liability

Financial obligations or debts that a company owes to others, which need to be settled over time through the transfer of economic benefits including money, goods, or services.

Course Of Business

The usual activities and practices of a company or individual in their day-to-day operations.

Liabilities

Financial obligations or debts a company owes to others, payable in money, goods, or services.