Matching
Match the description with the terminology
Premises:
Increase assets and decreases shareholders'' equity.
An exchange between an entity and another party.
Normal balances for liabilities.
To provide useful economic information about a business to help external parties make sound financial decisions.
Accounting assumption that requires assets to be recorded at their cash equivalent cost.
Cumulative earnings that have not been distributed to the owners.
A debt owed by the entity.
Statement of financial position.
Account for a business separate from its owners.
Dating of the statement of financial position (20X1).
Responses:
Credits
Share Capital
Cost principle
Transaction
Debits
Liability
Statement of financial position
Primary objective of external financial reporting
Separate-entity assumption
Retained earnings
As at December 31, 20X1
For the period ended December 31, 20X1
None of the above is correct
Correct Answer:
Premises:
Responses:
Credits
Share Capital
Cost principle
Transaction
Debits
Liability
Statement of financial position
Primary objective of external financial reporting
Separate-entity assumption
Retained earnings
As at December 31, 20X1
For the period ended December 31, 20X1
None of the above is correct
Premises:
Credits
Share Capital
Cost principle
Transaction
Debits
Liability
Statement of financial position
Primary objective of external financial reporting
Separate-entity assumption
Retained earnings
As at December 31, 20X1
For the period ended December 31, 20X1
None of the above is correct
Responses:
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