Accounting terms (Learning Objective 1) 5–10 min.

Match the accounting terms at the left with the corresponding definitions at the right.

1. Account

a. Any economic event that has a financial impact on the business.

2. Assets

b. The detailed record of the changes in a particular asset, liability, or stockholders’ equity.

3. Stockholders’

c. Economic resources that provide a future benefit for Equity a business.

4. Expenses

d. Debts or obligations of a business.

5. Liabilities

e. Stockholders’ claim to the assets of a corporation.

6. Revenues

f. Increases in stockholders’ equity from selling goods or services to customers.

7. Transactions g. Decreases in stockholders’ equity from using resources to sell goods or services.

AppendixLO1