Solved

Match Each of the Following Terms with the Most Appropriate

Question 245

Matching

Match each of the following terms with the most appropriate definition:

Premises:
The excess of revenue over expenses.
Area of accounting aimed at serving external users.
A financial ratio useful in evaluating management, analyzing, and forecasting profits and planning activities.
Those happenings that affect an entity's accounting equation and can be reliably measured.
The uncertainty about the expected return to be earned.
Costs of assets or services used to earn revenues.
Defining the idea, goals, and actions of an organization.
Amount received from selling products and services.
Creditors' claims on a company's assets.
Area of accounting aimed at serving the decision-making needs of internal users.
Responses:
Events
Financial accounting
Expenses
Return on assets
Net income
Liabilities
Planning
Revenues
Managerial accounting
Risk

Correct Answer:

The excess of revenue over expenses.
Area of accounting aimed at serving external users.
A financial ratio useful in evaluating management, analyzing, and forecasting profits and planning activities.
Those happenings that affect an entity's accounting equation and can be reliably measured.
The uncertainty about the expected return to be earned.
Costs of assets or services used to earn revenues.
Defining the idea, goals, and actions of an organization.
Amount received from selling products and services.
Creditors' claims on a company's assets.
Area of accounting aimed at serving the decision-making needs of internal users.
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