Solved

Match the Following Terms with the Appropriate Definitions Below

Question 256

Matching

Match the following terms with the appropriate definitions below.Definitions have not been provided for all of these terms.

Premises:
The cost of long-term assets used up during a single accounting period
What the income statement reports when revenues exceed expenses for a given accounting period
The cumulative amount of a long-term asset used up from the time it was purchased to the date of the financial statements
The successful operating results of a business based on matching accomplishment against efforts
What the income statement reports when expenses exceed revenues for a given accounting period
Responses:
Depreciation expense
Gross profit
Accumulated depreciation
Net loss
Total expenses
Net cash flows from operating activities
Net income

Correct Answer:

Depreciation expense
Gross profit
Accumulated depreciation
Net loss
Total expenses
Net cash flows from operating activities
Net income
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