Match the following accounting terms with their correct cholces: 1. Asscts: A. Resources owned by a company that provide future economic benefits. 2. Liabilities; B. Oollgations or debts owed by a company to external parties. 3. Goodwill: C. The excess of the purchase price of an acquired company over the fair value of its net assets. 4. Land: D. Real property that a compary owns and is used for its cperations or held for future use. 5. Building: E. A tangible asset used in a company's operations to produce goods or services. 6. Machinery: F. An intangible asset that represents the reputation and customer relationships of a compary. Now, let's delve into a comprehensive question about these accounting terms: Question: ABC Corporation, a manutacturing company, is preparing its financial statements tor the fiscal year encing December 31,20XX. As the financial analyst responsible for revlewing the companys accounting records, you need to understand the treatment of various assets and liabilities on the balance sheet. Additionally, the recent acquisition of XYZ Inc. has brought up considerations regarding goodwill. Please provide detailed explanations for the following: a. Assets: Explain the concept of assets in accounting. Provlde examples of different types of assets that ABC Corporation might have on its balance shoet, and discuss their significance in assessing the company's financial position. b. Liabilities: Describe what liabilities represent in accounting. Give examples of various liabilities that AAC Corporation might report on its balance sheet, and explain now they reflect the company's tinanclal obligations. c. Goodwill: Define goodwili as an intangible asset. Discuss the circumstances under which ABC Corporation might record goodwill on its balance sheet, such as through ant acquisition. Explain the accounting treatment of goodwill, including how it is calculated and how it impacts the company's overall financlal hea th. d. Land: Detall what is meant by land as a specific type of asset. Prowide examples of situations in which ABC Corporation might report land on its balance sheet and discuss the significance of land as an asset in the company's operations. e. Building: Explain the concept of bulldings as assets in accounting. Offer examples of scenarios where ABC Corporation might recognize buildings on its balance sheet and elaborate on how buildings contribute to the company's financial position. f. Machinery: Describe machinery as an asset category. Present instances where ABC Corporation would include machinery on its balance sheet and discuss the importance of machinery in the production process and cwerall financial performance. By addressing these questions, you will gain a comprehensive understanding of how assets and liabilities are recorded on a balance sheet, the treatment of goodwill, and the significance of specitic assets ike land, bulidings, and machinery in a company's tinancial reporting