Match the terms below with the correct definitions.
-A business enterprise, separate and distinct from the person who supplies its assets (economic unit in itself)

Question

Quizplus · Accepted Answer

"Business entity" is defined as a business enterprise that is separate and distinct from the person who supplies its assets.

Answer: G
 "Asset" is defined as economic resources that are expected to provide future benefit to the entity.

Answer: H
 "Cash" is defined as a current asset consisting of currency or other monetary instruments that are readily available for use by the entity.

Answer: A
 "Creditor" is defined as an individual or entity that has loaned money or extended credit to the entity.

Answer: E
 "Owner's equity" is defined as the residual interest in the assets of the entity after deducting its liabilities.

Answer: F
 "Accounts receivable" is defined as the amount of money owed to the entity by its customers for goods or services sold on credit.

Answer: D
 "Accounts" refer to the detailed records of all the individual transactions that have taken place in a particular account, such as accounts receivable or accounts payable.

Answer: C
 "Expenses" are defined as the costs incurred by an entity in the process of generating revenue.

Match the Terms Below with the Correct Definitions