Solved

Match the Following Definitions and Terms

Question 277

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:

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.
Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents