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Concept matching __ 1. Ethics A. Resources owned by the company __ 2. Owner's equity B. Decrease the owner's equity account __ 3. Accounting C.

Concept matching

__

1.

Ethics

A.

Resources owned by the company

__

2.

Owner's equity

B.

Decrease the owner's equity account

__

3.

Accounting

C.

Increase the owner's equity account

__

4.

Assets

D.

Provides valuable information for external users

__

5.

Constituents (Business stakeholder)

E.

Economic data are recorded in dollars; provides uniformity to financial statements

__

6.

Chart of accounts

F.

Provides useful information for the decision-making process (internal users)

__

7.

Unit of measure concept

G.

Person or entity that has a vested interest in the economic performance and well-being of a company

__

8.

Objectivity concept

H.

Moral principles that guide the conduct of individuals

__

9.

Liabilities

I.

Income and expenses are reported in the same accounting period

__

10.

Revenues

J.

List of the accounts of a company

__

11.

Financial Accounting

K.

Creditors' rights; company debts

__

12.

Business entity concept

L.

Assets = Liabilities + Owner's Equity

__

13.

Matching concept

M.

Rights of the owners

__

14.

Drawings or owner withdrawals

N.

An information system that provides reports to constituents (stakeholders) on the economic activities and financial condition of a company

__

15.

Accounting equation

O.

Accounting records and financial statements should be based on evidence that can be verified

__

16.

Management accounting

P.

The accounting records of the company and the personal records of the business owners must be kept separate.

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