16. (10 Points) Accounting Terms Matching: Match the descriptions with the terms: 1. Assets A. The amount determined by subtracting the value of the ending merchandise inventory from the sum of the beginning merchandise inventory and the net purchases for the fiscal period. Residual value of the assets left over after the obligations represented by liabilities are fulfilled. 2. Cash Basis of Accounting B. 3. Inventory C. An accounting method where income is recorded when earned and expenses are recorded as incurred. 4. Equity D. An accounting method that recognizes revenue and expenses at the time of cash receipt or payment. . Increases in a company's resources from F. Financial report that shows the ending G. The difference between the market and 5. Cost of Goods Sold the sale of goods or services. balances of assets, liabilities & equity 6. Capital Expense book value realized at the sale or disposition of a capital asset. H. A business owned by one person. I. An unincorporated business that has J. Economic resources owned or K. Goods held for sale or resale. 7. Balance Sheet more than one owner. controlled by a person or company 8. Revenues L. An expenditure that will benefit more than one year. It is charged to an asset account and depreciated. Permanent assets of a company required for the regular conduct of business which will not be converted into cash 19. Sole Proprietorship M. during the next year. Examples are land building, furniture and fixtures. 10. Capital Gain or Loss