a. An economic resource that is expected to be of benefit in 1. Accounting equation the future 2. Asset b. Debts that are owed to creditors c. Excess of total expenses over total revenues 3. Balance sheet 4. Expense d. Excess of total revenues over total expenses 5. Income statement e. The basic tool of accounting, stated as Assets = Liabilities + Equity 6. Liability 7. Net income f. Decreases in equity that occur in the course of selling goods or services 8. Net loss 9. Revenue g. Increases in equity that occur in the course of selling goods or services 10. Statement of cash flows 11. Statement of retained h. Reports on a business's cash receipts and cash payments during a period earnings i. Reports on an entity's assets, liabilities, and stockholders' equity as of a specific date j. Reports on an entity's revenues, expenses, and net income or loss for the period k. Reports how the company's retained earnings balance changed from the beginning to the end of the period

a. An economic resource that is expected to be of benefit in 1. Accounting equation the future 2. Asset b. Debts that are owed to creditors c. Excess of total expenses over total revenues 3. Balance sheet 4. Expense d. Excess of total revenues over total expenses 5. Income statement e. The basic tool of accounting, stated as Assets = Liabilities + Equity 6. Liability 7. Net income f. Decreases in equity that occur in the course of selling goods or services 8. Net loss 9. Revenue g. Increases in equity that occur in the course of selling goods or services 10. Statement of cash flows 11. Statement of retained h. Reports on a business's cash receipts and cash payments during a period earnings i. Reports on an entity's assets, liabilities, and stockholders' equity as of a specific date j. Reports on an entity's revenues, expenses, and net income or loss for the period k. Reports how the company's retained earnings balance changed from the beginning to the end of the period

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.26E: Accounting concepts Match each of the following statements with the appropriate accounting concept....

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