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Select the One Term That Best Fits Each Definition

Question 17

Multiple Choice

Select the one term that best fits each definition.
-An equation showing the relationship among assets, liabilities, and owner's equity.


A) account
B) account balance
C) account title
D) accounting
E) accounting equation
F) accounting system
G) asset
H) business ethics
I) business plan
J) capital account
K) creditor
L) equities
M) equity
N) expense
O) financial statements
P) GAAP
Q) liability
R) net worth statement
S) owner's equity
T) personal net worth
U) proprietorship
V) revenue
W) sale on account
X) service business
Y) transaction
Z) withdrawals

Correct Answer:

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