Choose the appropriate definition for the terms below.
a. a business owned by a single owner
b. a statement summarizing the revenues and expenses for a given period
c. resources that provide future economic benefits to a business
d. claims by outsiders on the resources of a business
e. revenues less expenses
f. a business owned by shareholders
g. shows the net change in the cash account for a given period
h. a formal listing of the accounting equation on a specified date

Question

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The Answer of Choose the appropriate definition for the terms below.
a. a business owned by a single owner
b. a statement summarizing the revenues and expenses for a given period
c. resources that provide future economic benefits to a business
d. claims by outsiders on the resources of a business
e. revenues less expenses
f. a business owned by shareholders
g. shows the net change in the cash account for a given period
h. a formal listing of the accounting equation on a specified date

Choose the Appropriate Definition for the Terms Below