Solved

Match Each of the Following Terms with the Most Appropriate

Question 255

Matching

Match each of the following terms with the most appropriate definition:

Premises:
Liabilities
Managerial accounting
Planning
Risk
Financial accounting
Expenses
Revenues
Events
Net income
Return on assets
Responses:
Costs of assets or services used to earn revenues.
A financial ratio useful in evaluating management, analyzing, and forecasting profits and planning activities.
Creditors' claims on a company's assets.
Those happenings that affect an entity's accounting equation and can be reliably measured.
Area of accounting aimed at serving the decision-making needs of internal users.
The uncertainty about the expected return to be earned.
Amount received from selling products and services.
Area of accounting aimed at serving external users.
The excess of revenue over expenses.
Defining the idea, goals, and actions of an organization.

Correct Answer:

Liabilities
Managerial accounting
Planning
Risk
Financial accounting
Expenses
Revenues
Events
Net income
Return on assets
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