Question content area top

Part $1$

Match the following definitions with one of the terms listed here.

LOADING...$($Click the icon to view the list of$$ terms.$)$

Question content area bottom

Part $1$

Complete the responses for a$-$ i in the first step and then j through r in the next step.

Term

a$.$

Total revenues less total expenses

Net income

b$.$

Provides information for decision makers outside of the organization

Financial accounting

c$.$

Provides information for managers of the organization

Managerial accounting

d$.$

Responsibilities of the members of society to each other

Ethical duties

e$.$

Inflows of resources resulting from delivering goods or services to customers

Revenues

f$.$

Owned by stockholders whose liability is limited to the amount they have invested in the business

Corporation

g$.$

A debt payable to an outsider

Liability

h$.$

Costs of doing business

Expenses

i$.$

A business organization form with a single owner who is personally liable for all of the business's debts

Proprietorship

Part $2$

Term

j$.$

States that assets should be recorded at their actual cost on the date of purchase

k$.$

Mechanical part of accounting

l$.$

Also called the statement of financial position

m$.$

Economic resources that are expected to produce a benefits in the future

n$.$

Entities that provide money to finance a company's operations

o$.$

Answers the question "How well did the company perform during the period?"

p$.$

Reports cash flows from operating, investing, and financing activities

q$.$

A business organization form with two or more owners who are each personally liable for all of the business$$s debts

r$.$

Insider claims of a business