Choose the term that best matches each of the following descriptions: a) select answer People who work for the organization and are responsible for planning, organizing, and operating the entity. b) select answer An organization that sells products and/or services for profit. c) select answer A business owned by shareholders. Each shareholder owns shares of the business. d) select answer Economic resources that provide future benefits to the business. e) select answer An organization that exists to meet various societal needs and does not have profit as a goal. f) select answer The day-to-day processes involved in selling products and/or services to generate net income. g) select answer Distributions of net income to shareholders. h) select answer Shows that the total assets of a business must always equal the total claims against those assets by creditors and owners. Expressed as assets = liabilities + equity. i) select answer A characteristic of a business meaning that if the business could not pay its debts, the owner(s) would be responsible even if the business's debts were greater than the owner's or owners' personal resources. j) select answer | A characteristic that tells users of the information that businesses utilize similar accounting practices. select answer select answer Accounting Accounting Standards for Private Enterprises (ASPE) Accounting equation Accounts payable Accounts receivable Assets Balance sheet or statement of financial position Board of Directors Business organization Canadian Accounting Standards Board (AcSB) Cash Common shares Comparability Corporation Creditor Debt Dividends Equity Ethio Illmilili Net loss Expenses Faithful representation Financial accounting Financial statements Financial transaction Financing activities Fiscal year Generally Accepted Accounting Principles (GAAP) Income statement Interim financial statements Internal users International Accounting Standards Board (ASB) Investing activities Issuing shares Liability Limited liability Managerial accounting Natural year Net income or profit Ne 9 select answer Non-business organization Net loss Non-business organization Operating activities Organization Partnership Prepaid expenses Private enterprise (PE) Proprietorship Publicly accountable enterprise (PAE) Relevance Retained earnings Revenues Share capital Shareholder Shares Source documents Statement of cash flows SCF) Statement of changes in equity Timeliness Understandability / Non-business organization Partnership Prepaid expenses Private enterprise (PE) Proprietorship Publicly accountable enterprise (PAE) Relevance Retained earnings Revenues Share capital Shareholder Shares Source documents Statement of cash flows (SCA) Statement of changes in equity Timeliness Understandability .) Unearned revenue Unlimited liability Verifiability Year-end 2