Match the Terms with the Definitions

Multiple Choice

Match the terms with the definitions.

-The concept that nonbusiness assets and liabilities are not included in the business' accounting records.

A) account
B) accounts payable
C) accounts receivable
D) accounting equation
E) assets
F) balance sheet
G) business entity
H) business entity concept
I) business transaction
J) drawing
K) expenses
L) income statement
M) liability
N) net income
O) net loss
P) notes payable
Q) owner's equity
R) revenues
S) statement of owner's equity