Match the Terms with the Definitions

Multiple Choice

Match the terms with the definitions.

-Withdrawals that reduce owner's equity as a result of the owner taking cash or other assets out of the business for personal use.

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