2) Choose the appropriate definition for the terms below. a. a business owned by a single owner b. a statement summarizing the revenues and expenses for a given period c. resources that provide future economic benefits to a business d. claims by outsiders on the resources of a business e. revenues less expenses f. a business owned by shareholders 9. shows the net change in the cash account for a given period h. a formal listing of the accounting equation on a specified date 1. corporation 2. cash flowstatement 3. income statement 4. net income 5. proprietorship 6. balance sheet 7. liabilities 8. assets

2) Choose the appropriate definition for the terms below. a. a business owned by a single owner b. a statement summarizing the revenues and expenses for a given period c. resources that provide future economic benefits to a business d. claims by outsiders on the resources of a business e. revenues less expenses f. a business owned by shareholders 9. shows the net change in the cash account for a given period h. a formal listing of the accounting equation on a specified date 1. corporation 2. cash flowstatement 3. income statement 4. net income 5. proprietorship 6. balance sheet 7. liabilities 8. assets

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements

Section: Chapter Questions

Problem 2E: List the classification of each of the following accounts as A (asset), L (liability), OE (owners...

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