Problems Problem 1-1 Match the letter of the term with the definition given below. a. Transaction b. FASB c. GAAP d. Asset e. Accounts payable f. Liability g. Owner's equity h. Revenue i. Expense j. T-account 1. The increase in assets as a result of an entity providing a good or service. 2. Generally accepted accounting principles which are guidelines and procedures for the financial accountant. 3. an exchange of goods or services. 4. an account used when credit is extended to the business entity and the entity is expected to pay in the future. 16