A list of accounting concepts and related definitions are presented below. Concept Definition________________________ 1. Revenue a. Owners

Question:

A list of accounting concepts and related definitions are presented below.
Concept Definition________________________
1. Revenue a. Owner’s claim on the resources of a company
2. Expense b. The difference between revenues and expenses
3. Increase in assets from the sale of goods or services
4. Asset d. Economic resources of a company
5. Stockholders’ equity e. Cost of assets consumed in the operation of a business
6. Net income (loss) f. Creditors’ claims on the resources of a company
7. Liability g. of earnings to stockholders

Required:
Match each of the concepts with its corresponding definition.

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