Matching
Match the term and the explanation.(There are more explanations than terms.)
Premises:
investors
retained earnings
operating activity
income statement
balance sheet
unit of measure concept
audit
investing activity
Responses:
Purchase or sale of long-term assets
An exchange of money between a company and its investors or creditors.
Borrowing money from lenders.
A financial statement that shows a company's revenues and expenses.
Day to day events involved in the production and sales of a company's goods or services.
The total amount of profits that are held by the company since its inception.
Share of a company's earnings given to owners as dividends.
A financial statement that summarizes a company's past and current cash situation.
A financial statement showing a company's assets
A procedure by which independent evaluators assess the accounting procedures and financial reports of a company.
When a company acquires money from investors.
Companies should report financial data in the relevant currency.
An external user of financial statements.
The idea that a company reports sales only after a payment has been received.
An example of an internal user of financial statements.
The idea that the financial statements of a company include the results of only that company's business activities.
Correct Answer:
Premises:
Responses:
Purchase or sale of long-term assets
An exchange of money between a company and its investors or creditors.
Borrowing money from lenders.
A financial statement that shows a company's revenues and expenses.
Day to day events involved in the production and sales of a company's goods or services.
The total amount of profits that are held by the company since its inception.
Share of a company's earnings given to owners as dividends.
A financial statement that summarizes a company's past and current cash situation.
A financial statement showing a company's assets
A procedure by which independent evaluators assess the accounting procedures and financial reports of a company.
When a company acquires money from investors.
Companies should report financial data in the relevant currency.
An external user of financial statements.
The idea that a company reports sales only after a payment has been received.
An example of an internal user of financial statements.
The idea that the financial statements of a company include the results of only that company's business activities.
Premises:
Purchase or sale of long-term assets
An exchange of money between a company and its investors or creditors.
Borrowing money from lenders.
A financial statement that shows a company's revenues and expenses.
Day to day events involved in the production and sales of a company's goods or services.
The total amount of profits that are held by the company since its inception.
Share of a company's earnings given to owners as dividends.
A financial statement that summarizes a company's past and current cash situation.
A financial statement showing a company's assets
A procedure by which independent evaluators assess the accounting procedures and financial reports of a company.
When a company acquires money from investors.
Companies should report financial data in the relevant currency.
An external user of financial statements.
The idea that a company reports sales only after a payment has been received.
An example of an internal user of financial statements.
The idea that the financial statements of a company include the results of only that company's business activities.
Responses:
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