Apps YouTube Maps News For PL Financial Accounting Online Spring 2020 (1) 1 of 6 (3 complete) Homework: Chapter 1 Homework Score: 0.91 of 1 pt %E1-19 (book/static) Consider the folowing accounting terms and definitions, and match each term to the definition: (Click the icon to view the definitions) Term Definition 1. Accounting equation e. The basic tool of accounting, stated as Assets = Liabilities - Equity 2 Asset a. An economic resource that is expected to be of benefit in the future 3. Balance sheet 1. Reports on an entity's assets, liabilities, and owner's equity as of a specific date Expense f. Decreases in equity that occur in the course of selling goods or services 5. Income statement Reports on an entity's revenues, expenses, and not income or loss for the period Liability b. Debts that are owed to creditors 7. Net Income d. Excess of total revenues over total expenses Net loss c. Excess of total expenses over total revenues 9. Revenue 9. Increases in equity that occur in the course of selling goods or services 10. Statement of cash flows h . Reports on a business's cash receipts and cash payments during a period 11. Statement of owner's equity k. Reports how the owner's capital balance changed from the beginning to the end of the period This question is complete. Move your cursor over or tap on the red arrows to see incorrect answers All parts showing MacBook Air