ACCT201-84 Fundamental of Financial Accounting FOUZEYAH BUTI Homework: Ch1 H.W Score: 0 of 1 pt 1 of 12 (0 complete) HWE E1-19 (book/static) Consider the following accounting terms and definitions and match each term to the definition: (Click the icon to view the definitions.) Term Definition 1. Accounting equation 2. Asset 3. Balance sheet 4. Expense 5. Income statement 6. Liability 7. Net income 8. Net loss 9. Revenue 10. Statement of cash flows 11. Statement of owner's equity More Info - a. An economic resource that is expected to be of benefit in the future b. Debts that are owed to creditors C. Excess of total expenses over total revenues Excess of total revenues over total expenses d. e. f. g. h. The basic tool of accounting, stated as Assets = Liabilities + Equity Decreases in equity that occur in the course of selling goods or services Increases in equity that occur in the course of selling goods or services Reports on a business's cash receipts and cash payments during a period Reports on an entity's assets, liabilities, and equity as of a specific date Reports on an entity's revenues, expenses, and net income or loss for the period Report that shows the changes in capital for a period of time. i. i. k. Print Done Done