Match the Terms with the Definitions

Multiple Choice

Match the terms with the definitions.

-A formal written promise to pay a supplier or lender a specified sum of money at a definite future time.

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