Match the Terms with the Definitions

Multiple Choice

Match the terms with the definitions.

-An amount owed to a business by its customers as a result of the sale of goods or services.

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