b C e Instructions: Match column A with Column B. Write LETTERS ONLY on the provided answer sheet. COLUMNA COLUMNB 1. Economic resources that benefit future operations, Accrual basis 2. Standards of conduct by which one's actions are Journal judged as right or wrong, honest or dishonest, fair or not Economic entity fair 3. It requires that the activities of an entity be kept separate d Liability from the activities of the owners. Income statement 4. It consists of three activities: identifies, records and Double-entry system communicates economic events of an organization Trial balance to interested users h Assets 5. Financial statement that covers a period of time. 1 Share capital 6. Business transactions and other events are recognized Ledger when they occur and not when cash is received or paid. k Account 7. Excess of total revenues over total expenses. 1 Going concern 8. Amount invested by owners into the business through Ethics m n Current asset 0 Net income Non-current asset 9 r share ownership 9. The first accounting book to record a transaction. 10. The final book of entry. 11. Each transaction must affect two or more accounts to keep the basic accounting equation in balance, 12. Process of transferring amounts from the journal to the ledger accounts 13. Record of increases and decreases in a specific asset, liability, equity, revenue, or expense item. 14. An assumption that an entity will remain in operation s Accounting Journalizing Posting Cost principle Chart of accounts + u V Net loss W Analyzing X Current liability for the foreseeable future. 15. An asset that is expected to be converted to cash, sold or consumed during the next 12 months