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Required: Match each of the following descriptions, designated by a letter, to the appropriate numbered item below. A. is increased with a debit B. is
Required: Match each of the following descriptions, designated by a letter, to the appropriate numbered item below. A. is increased with a debit B. is increased with a credit C. An obligation to pay cash or provide services to another entity. D. All transactions of any company are expressed in terms of dollars and cents. E. Accounting for a company's activities is kept separate and distinct from the owners of that company. F. Financial accounting information for a company is provided to stockholders and others at regular, evenly-spaced time intervals. G. A company is presumed to be able to continue operations for an indefinite future period of time. H. Amounts owed to a company as a result of providing services or delivering products to customers. 1. Cash amounts paid to stockholders of a company. J. The costs a company pays as a result of providing goods and services to its customers. K. Primary functions of financial accounting. L. All net income a company has earned less all dividends paid over the life of the company. 1. Liability C 2. Economic Entity Assumption 3. Cash Dividends 4. All Assets A 5. Going Concern Assumption 6. Monetary Unit Assumption 7. Expenses 8. Accounts Receivable 9. All revenues 10. Periodicity Assumption 11. Measure and Communicate 12. Retained earnings
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