Match the Terms with the Definitions

Multiple Choice

Match the terms with the definitions.

-A separate record used to summarize changes in each asset,liability,and owner's equity of a business.

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