Accounting: What the Numbers Mean 9th Edition by Wayne W McManus, Daniel F Viele, David H Marshall

Exercise 64

Following is a list of the key terms and concepts introduced in the chapter, along with a list of corresponding definitions. Match the appropriate letter for the key term or concept to each definition provided (items 1–15). Note that not all key terms and concepts will be used.

a. Accumulated depreciation	p. Earnings per share of common stock
b. Balance sheet	q. Paid-in capital
c. Accrued liabilities	r. Common stock
d. Current assets	s. Additional paid-in capital
e. Current liabilities	t. Retained earnings
f. Merchandise inventory	u. Dividends
g. Revenues	v. Par value
h. Expenses	w. Going concern concept
i. Gains	x. Matching concept
j. Losses	y. Accrual concept
k. Net sales	z. Opportunity cost
l. Cost of goods sold	aa. Annual report
m. Gross profit	bb. Income statement
n. Income from operations
o. Net income

_______ The difference between gross profit and operating expenses. Also referred to as operating income and earnings from operations.