Solved

Match the Items Below by Entering the Appropriate Code Letter

Question 255

Matching

Match the items below by entering the appropriate code letter in the space provided.

Premises:
Government agency that can mandate accounting rules.
Ownership is limited to one person.
Economic events recorded by accountants.
Consumed assets or services.
Quantifying goals and objectives.
Future economic benefits.
Offers expert accounting service to the general public.
Activities of an entity must be kept separate from its owner's activities.
A separate legal entity under state laws.
Creditor and ownership claims against the assets of the business.
Responses:
Equities
Expenses
Transaction
CPA
Budgeting
Proprietorship
SEC
Assets
Corporation
Economic entity assumption

Correct Answer:

Government agency that can mandate accounting rules.
Ownership is limited to one person.
Economic events recorded by accountants.
Consumed assets or services.
Quantifying goals and objectives.
Future economic benefits.
Offers expert accounting service to the general public.
Activities of an entity must be kept separate from its owner's activities.
A separate legal entity under state laws.
Creditor and ownership claims against the assets of the business.
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