Accounting terminology (Learning Objectives 2 & 3) 10–15 min.

Place the corresponding letter of the definition next to the term.

_____ 1. Liabilities

a. Any event that affects a firm’s financial position.

_____ 2. Assets

b. Organization form with a single owner.

_____ 3. Corporation

c. Organization form with two or more owners.

_____ 4. Dividends

d. Organization form that can have an indefinite life.

_____ 5. Sole proprietorship

e. Debt owed to outsiders.

_____ 6. Partnership

f. Economic resources of the business.

_____ 7. Transaction g. Payment of cash to the owners of a corporation.

AppendixLO1