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Match the Following Terms with the Appropriate Definition

Question 254

Matching

Match the following terms with the appropriate definition:

Premises:

Responses:

Financing activities

An information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities.

Ethics

Concern for the impact of actions on society.

Recordkeeping

The acquisition and disposal of resources that an organization uses to acquire and sell products and services.

Investing activities

The idea that accounting information is based on actual cost.

Accounting

Persons using accounting information who are not directly involved in the running of the organization.

Operating activities

Beliefs that distinguish right from wrong.

Social responsibility

Persons using accounting information who are directly involved in managing the organization.

Cost principle

The part of accounting that involves recording transactions and events, either electronically or manually.

Internal users

Source of the means organizations use to pay for resources such as land, buildings, and equipment to carry out plans.

External users

The use of resources to research, develop, purchase, produce, distribute, and market products and services.

Premises:

Financing activities

Ethics

Recordkeeping

Investing activities

Accounting

Operating activities

Social responsibility

Cost principle

Internal users

External users

Responses:

An information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities.

Concern for the impact of actions on society.

The acquisition and disposal of resources that an organization uses to acquire and sell products and services.

The idea that accounting information is based on actual cost.

Persons using accounting information who are not directly involved in the running of the organization.

Beliefs that distinguish right from wrong.

Persons using accounting information who are directly involved in managing the organization.

The part of accounting that involves recording transactions and events, either electronically or manually.

Source of the means organizations use to pay for resources such as land, buildings, and equipment to carry out plans.

The use of resources to research, develop, purchase, produce, distribute, and market products and services.

Correct Answer:

Premises:

Responses: