For each of the following descriptions choose the correct term: (a) A company that raises money by issuing shares (b) An accepted set of accounting standards that includes broad principles, procedures, and concepts (c) Obligations to suppliers of goods (d) Amounts due from customers (e) Owner's claims against the residual company's resources (f) Payment of cash for costs incurred in advance of being used (g) A party that a company owes money to (h) Resources owned by a business that have the potential to provide economic benefit (i) The set of accounting standards that all publicly traded enterprises in Canada must follow (j) Results when revenues exceed expenses (k) The cost of assets consumed or services used in a company's ordinary business activities (L) A liability arising when a customer pays in advance of receiving service terms: Owner's Equity, corporation, Generally Accepted Accounting Principles (GAAP), Assets, International Financial Reporting Standards (IFRS),Prepaid Expense,Accounts Payable,Unearned Revenue,Accounts Receivable,Creditor,Profit, Expenses
For each of the following descriptions choose the correct term:
(a)
A company that raises money by issuing shares
(b)
An accepted set of accounting standards that includes broad principles, procedures, and concepts
(c)
Obligations to suppliers of goods
(d)
Amounts due from customers
(e)
Owner's claims against the residual company's resources
(f)
Payment of cash for costs incurred in advance of being used
(g)
A party that a company owes money to
(h) Resources owned by a business that have the potential to provide economic benefit
(i)
The set of accounting standards that all publicly traded enterprises in Canada must follow
(j)
Results when revenues exceed expenses
(k)
The cost of assets consumed or services used in a company's ordinary business activities
(L)
A liability arising when a customer pays in advance of receiving service
terms:
Owner's Equity, corporation, Generally Accepted Accounting Principles (GAAP), Assets,
International Financial Reporting Standards (IFRS),Prepaid Expense,Accounts Payable,Unearned Revenue,
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