i More Info a. e. An economic resource that is expected to be of benefit in the future b. Debts that are owed to creditors C. Excess of total expenses over total revenues d. Excess of total revenues over total expenses The basic tool of accounting, stated as Assets = Liabilities + Equity f. Decreases in equity that occur in the course of selling goods or services Increases in equity that occur in the course of selling goods or services h. Reports on a business's cash receipts and cash payments during a period 1 Reports on an entity's assets liabilities, and stockholders equity as of a specific date Reports on an entity's revenues expenses, and net income or loss for the period k Report how the company's retained earnings balance changed from the beginning to the end of the period Done This Question: 1 pt 2 of 5 (0 complete) Consider the following accounting terms and definitions, and match each term to the definition: (Click the icon to view the definitions) Definition (Abbreviations used Simt. = Statement ret = retained beg. = beginning) Term Accounting equation 2. Asset Balance sheet Expense Income statement Liability Net Income Net loss Revenue Centre 8 9 Choose from any drop-down list and then continue to the next question mis Question: 1 pt 2 of 5 (0 complete) Consider the following accounting terms and definitions, and match each term to the definition: (Click the icon to view the definitions) Term Definition 1. Accounting equation 2. Asset 3 Balance sheet Expense 5. 6. Income statement Liability Net income 7. 8. Net loss 9 10. Revenue Stmt, of cash flows Stmt. of ret. earnings 11