Match the Terms Below with the Correct Definitions

question 87

Multiple Choice

Match the terms below with the correct definitions.
-Expresses the relationship between assets, liabilities, and owner's equity

• A)Creditor
• B)Fundamental accounting equation
• C)Expenses
• D)Accounts
• E)Owner's equity
• F)Accounts receivable
• G)Asset
• H)Cash
• I)Business entity

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Definitions:

Unrealised Profits

Profits that have been recorded on the books through an accounting entry but have not actually been realized through the receipt of cash or other assets.

AASB 128

The Australian Accounting Standards Board’s standard on Investments in Associates and Joint Ventures, outlining the accounting for interests in joint ventures and associates.

Identification Requirements

The criteria or documents required to establish the identity of an individual or entity in legal or financial transactions.

Disclosure Requirements

Regulations or standards mandating the reveal of certain information by entities, ensuring transparency in financial reporting and governance.