Here is a list of words or phrases discussed in this chapter: 1. Corporation 4.Partnership 7. Accounts payable 2. Creditor 5. Stockholder 8. Auditor’s opinion 3. Accounts receivable 6. Common stock.

Instructions Match each word or phrase with the best description of it.
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(a) An expression about whether financial statements conform with generally accepted accounting principles.
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(b) A business that raises money by issuing shares of stock.
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(c) The portion of stockholders’ equity that results from receiving cash from investors.
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(d) Obligations to suppliers of goods.
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(e) Amounts due from customers.
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(f) A party to whom a business owes money.
______ (g) A party that invests in common stock.
______ (h) A business that is owned jointly by two or more individuals but does not issue stock.AppendixLO1