Question
For each of the following description choose the correct terms: (a) A company that raises money by issuing shares select a correct term AssetsPrepaid ExpenseCreditorExpensesAccounts
For each of the following description choose the correct terms:
(a) | A company that raises money by issuing shares | select a correct term AssetsPrepaid ExpenseCreditorExpensesAccounts ReceivableCorporationUnearned RevenueProfitInternational Financial Reporting Standards (IFRS)Owner's EquityGenerally Accepted Accounting Principles (GAAP)Accounts Payable | ||
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(b) | An accepted set of accounting standards that includes broad principles, procedures, and concepts | select a correct term CreditorUnearned RevenueProfitOwner's EquityCorporationInternational Financial Reporting Standards (IFRS)Accounts PayableGenerally Accepted Accounting Principles (GAAP)ExpensesPrepaid ExpenseAssetsAccounts Receivable | ||
(c) | Obligations to suppliers of goods | select a correct term AssetsAccounts PayableOwner's EquityExpensesGenerally Accepted Accounting Principles (GAAP)Prepaid ExpenseCreditorAccounts ReceivableCorporationProfitUnearned RevenueInternational Financial Reporting Standards (IFRS) | ||
(d) | Amounts due from customers | select a correct term ExpensesAssetsGenerally Accepted Accounting Principles (GAAP)Unearned RevenueCreditorOwner's EquityProfitInternational Financial Reporting Standards (IFRS)Accounts PayablePrepaid ExpenseCorporationAccounts Receivable | ||
(e) | Owner's claims against the residual company's resources | select a correct term Accounts ReceivableGenerally Accepted Accounting Principles (GAAP)Owner's EquityInternational Financial Reporting Standards (IFRS)ProfitUnearned RevenueAccounts PayableCorporationCreditorAssetsExpensesPrepaid Expense | ||
(f) | Payment of cash for costs incurred in advance of being used | select a correct term Prepaid ExpenseAccounts PayableAssetsAccounts ReceivableExpensesUnearned RevenueCreditorOwner's EquityInternational Financial Reporting Standards (IFRS)ProfitGenerally Accepted Accounting Principles (GAAP)Corporation | ||
(g) | A party that a company owes money to | select a correct term CreditorPrepaid ExpenseOwner's EquityAccounts PayableExpensesCorporationAssetsUnearned RevenueGenerally Accepted Accounting Principles (GAAP)ProfitInternational Financial Reporting Standards (IFRS)Accounts Receivable | ||
(h) | Resources owned by a business that have the potential to provide economic benefit | select a correct term CreditorCorporationGenerally Accepted Accounting Principles (GAAP)Owner's EquityAssetsInternational Financial Reporting Standards (IFRS)Unearned RevenueAccounts ReceivablePrepaid ExpenseExpensesAccounts PayableProfit | ||
(i) | The set of accounting standards that all publicly traded enterprises in Canada must follow | select a correct term Owner's EquityCreditorCorporationGenerally Accepted Accounting Principles (GAAP)Accounts ReceivablePrepaid ExpenseInternational Financial Reporting Standards (IFRS)ProfitAssetsExpensesUnearned RevenueAccounts Payable | ||
(j) | Results when revenues exceed expenses | select a correct term Accounts ReceivableGenerally Accepted Accounting Principles (GAAP)Unearned RevenueCreditorAccounts PayableAssetsPrepaid ExpenseOwner's EquityCorporationProfitInternational Financial Reporting Standards (IFRS)Expenses | ||
(k) | The cost of assets consumed or services used in a company's ordinary business activities | select a correct term Generally Accepted Accounting Principles (GAAP)CreditorProfitPrepaid ExpenseAssetsUnearned RevenueOwner's EquityAccounts ReceivableInternational Financial Reporting Standards (IFRS)CorporationExpensesAccounts Payable | ||
(l) | A liability arising when a customer pays in advance of receiving service | select a correct term |
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