Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-A business owned by one person,who is often the manager/operator of the business;the owner's net worth or equity (which consists of the amount by which the fair market value of all assets exceed liabilities)
A) accounts payable
B) assets
C) corporation
D) cost
E) economic entity assumption
F) liabilities
G) market value
H) monetary unit assumption
I) note payable
J) (paid-in) capital
K) partnership
L) proprietorship
M) retained earnings
N) stockholders' equity
Correct Answer:
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