Match each definition with its related term by entering the appropriate letter in the space provided.

There should be only one definition per term (that is, there are more definitions than terms).LO1

Transcribed Image Text:

- Term (1) Separate-entity assumption (2) Historical cost principle (3) Credits (4) Assets (5) T-account = Definition A. Liabilities + Stockholders' Equity. B. Reports assets, liabilities, and stockholders' equity. C. Accounts for a business separate from its owners. D. Increase assets; decrease liabilities and stockholders' equity. E. An exchange between an entity and other parties. F. The concept that businesses will operate into the foreseeable future. G. Decrease assets; increase liabilities and stockholders' equity. H. The concept that assets should be recorded at cash- equivalent cost. I. A standardized format used to accumulate data about each item reported on financial statements.