Matching
Match the following definitions with the appropriate term:
Premises:
Amount received from selling products and services.
Those happenings that affect an entity's accounting equation and can be reliably measured.
Area of accounting aimed at serving external users.
Costs of assets or services used to earn revenues.
The uncertainty about the expected return to be earned.
Defining the idea, goals, and actions of an organization.
A financial ratio useful in evaluating management, analyzing, and forecasting profits and planning activities.
Area of accounting aimed at serving the decision-making needs of internal users.
Creditors' claims on a company's assets.
The excess of revenue over expenses.
Responses:
Risk
Managerial accounting
Return on assets
Liabilities
Expenses
Planning
Financial accounting
Net income
Events
Revenues
Correct Answer:
Premises:
Responses:
Amount received from selling products and services.
Those happenings that affect an entity's accounting equation and can be reliably measured.
Area of accounting aimed at serving external users.
Costs of assets or services used to earn revenues.
The uncertainty about the expected return to be earned.
Defining the idea, goals, and actions of an organization.
A financial ratio useful in evaluating management, analyzing, and forecasting profits and planning activities.
Area of accounting aimed at serving the decision-making needs of internal users.
Creditors' claims on a company's assets.
The excess of revenue over expenses.
Premises:
Amount received from selling products and services.
Those happenings that affect an entity's accounting equation and can be reliably measured.
Area of accounting aimed at serving external users.
Costs of assets or services used to earn revenues.
The uncertainty about the expected return to be earned.
Defining the idea, goals, and actions of an organization.
A financial ratio useful in evaluating management, analyzing, and forecasting profits and planning activities.
Area of accounting aimed at serving the decision-making needs of internal users.
Creditors' claims on a company's assets.
The excess of revenue over expenses.
Responses:
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