MATCHING Instructions: Match each of the statements below with its proper term. Some terms may not be used. A. account form B account payable account receivable accounting accounting equation assets balance sheet business business entity concept business transaction corporation cost concept ethics expenses financial accounting Financial Accounting Standards Board (FASB) generally accepted accounting principle (GAAP) income statement S. International Accounting Standards Board (IASB) T. liabilities U. limited liability company V. managerial accounting W. manufacturing X. matching concept Y. merchandising Z. net income AA. net loss BB. objectivity concept CC. owner's equity DD. partnership EE. prepaid expenses FF. proprietorship GG. revenue HH. service II. sta

MATCHING Instructions: Match each of the statements below with its proper term. Some terms may not be used. 1. An organization in which basic resources (inputs), such as materials and labor, are assembled and processed to provide goods or services (outputs) to customers. 2. A type of business that changes basic inputs into products that are sold to individual customers. 3. A type of business that purchases products from other businesses and sells them to customers. 4. A business owned by one individual. 5. A business owned by two or more individuals. 6. A business organized under state or federal statutes as a separate legal entity. 7. A business that combines attributes of a partnership and a corporation. 8. An information system that provides reports to stakeholders about the economic activities and condition of a business. 9. Moral principles that guide the conduct of individuals