Solved

Match the Items Below by Entering the Appropriate Code Letter

Question 162

Matching

Match the items below by entering the appropriate code letter in the space provided.

Premises:
Consumed assets or services
A separate legal entity under federal or provincial laws
Reflective of two or more owners
Future economic benefits
Results when revenues exceed expenses.
Rules for ethical business practices
Ownership claims against the assets of the business
Economic events can be identified with a particular unit of accountability.
Economic events recorded by accountants.
Ownership is limited to one person.
Responses:
Assets
Expenses
Transactions
Partnership
Corporation
Economic Entity Assumption
Codes of conduct
Proprietorship
Profit
Equities

Correct Answer:

Consumed assets or services
A separate legal entity under federal or provincial laws
Reflective of two or more owners
Future economic benefits
Results when revenues exceed expenses.
Rules for ethical business practices
Ownership claims against the assets of the business
Economic events can be identified with a particular unit of accountability.
Economic events recorded by accountants.
Ownership is limited to one person.
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