Solved

Match the Following Terms with the Appropriate Definitions Below

Question 109

Matching

Match the following terms with the appropriate definitions below.Definitions have not been provided for all of these terms.

Premises:

Responses:

The cost of long-term assets used up during a single accounting period

Depreciation expense

What the income statement reports when revenues exceed expenses for a given accounting period

Gross profit

The cumulative amount of a long-term asset used up from the time it was purchased to the date of the financial statements

Accumulated depreciation

The successful operating results of a business based on matching accomplishment against efforts

Net loss

What the income statement reports when expenses exceed revenues for a given accounting period

Total expenses

Net cash flows from operating activities

Net income

Premises:

The cost of long-term assets used up during a single accounting period

What the income statement reports when revenues exceed expenses for a given accounting period

The cumulative amount of a long-term asset used up from the time it was purchased to the date of the financial statements

The successful operating results of a business based on matching accomplishment against efforts

What the income statement reports when expenses exceed revenues for a given accounting period

Responses:

Depreciation expense

Gross profit

Accumulated depreciation

Net loss

Total expenses

Net cash flows from operating activities

Net income

Correct Answer:

Premises:

Responses:

Depreciation expense

Gross profit

Accumulated depreciation

Net loss

Total expenses

Net cash flows from operating activities

Net income