Matching
Match the following definitions and terms.
Premises:
Activities of an entity must be kept separate from its owner’s activities.
Consumed assets or services.
Ownership is limited to one person.
Process of reducing differences between IFRS and GAAP.
Creditor and ownership claims against the assets of the business.
A separate legal entity under state laws.
Accounting organization that issues standards.
Involves only the recording of economic events.
Future economic benefits.
Economic events recorded by accountants.
Responses:
Convergence
Bookkeeping
IASB
Proprietorship
Economic entity assumption
Corporation
Assets
Equities
Expenses
Transactions
Correct Answer:
Premises:
Responses:
Activities of an entity must be kept separate from its owner’s activities.
Consumed assets or services.
Ownership is limited to one person.
Process of reducing differences between IFRS and GAAP.
Creditor and ownership claims against the assets of the business.
A separate legal entity under state laws.
Accounting organization that issues standards.
Involves only the recording of economic events.
Future economic benefits.
Economic events recorded by accountants.
Premises:
Activities of an entity must be kept separate from its owner’s activities.
Consumed assets or services.
Ownership is limited to one person.
Process of reducing differences between IFRS and GAAP.
Creditor and ownership claims against the assets of the business.
A separate legal entity under state laws.
Accounting organization that issues standards.
Involves only the recording of economic events.
Future economic benefits.
Economic events recorded by accountants.
Responses:
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