Matching Definitions with Terms
Match each definition with its related term by entering the appropriate letter in the space provided. There should be only one definition per term (that is, there are more definitions than terms).
Term
(1) Journal entry
(2) A = L + SE, and Debits = Credits
(3) Assets = Liabilities + Stockholders’ Equity
(4) Liabilities
(5) Income statement, balance sheet, statement of retained earnings, and statement of cash flows
Definition
A. Accounting model.
B. Four periodic financial statements.
C. The two equalities in accounting that aid in providing accuracy.
D. The results of transaction analysis in accounting format.
E. The account that is debited when money is borrowed from a bank.
F. Probable future economic benefits owned by an entity.
G. Cumulative earnings of a company that are not distributed to the owners.
H. Every transaction has at least two effects.
I. Probable debts or obligations to be paid with assets or services.