Solved

Match Each of the Following Terms with the Most Appropriate

Question 268

Matching

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

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

Correct Answer:

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