Select appropriate letter to each of its related definition in the list given below. Definition A. Economic resources to be used or turned into cash within one year. B. Reports assets, liabilities, and stockholders? equity. C. Decrease assets; increase liabilities and stockholders? equity. D. Increase assets; decrease liabilities and stockholders? equity. E. An exchange or event that has a direct and measurable financial effect. F Accounts for a business separate from its owners. G. The principle that assets should be recorded at their original cost to the company. H. A standardized format used to accumulate data about each item reported on financial statements. I. The basic accounting equation. J. The two equalities in accounting that aid in providing accuracy. K. The account credited when money is borrowed from a bank using a promissory note. L. Cumulative earnings of a company that are not distributed to the owners. M. Every transaction has at least two effects. N. Amounts presently owed by the business. 1. Transaction 2. Separate Entity Assumption 3. Balance Sheet 4. Liabilities 5. Assets = Liabilities + Stockholders? Equity 6. Current Assets 7. Notes Payable 8. Duality of Effects 9. Retained Earnings 10. Debit Solution 1 Transaction e An exchange or event that has a direct and measurable fin effect 2 Separate Entity f accounts for a business separate from its owners 3 Balance Sheet B Reports Assets , Liabilities and Stock holders equity, h standardised format used to accumulate data 4 Liability N Amounts presetly owed by business 5 Asset = Liability + Equity c decrease aassets and inc liab and stock holder equity and d increase assets and decrease stockholders equity and liab, ,I basic accounting equation J Equalities in Accouting that aid in providing accuracy 6 Current assets A Economic resources to be used or turned into cash within 1 year 7 Notes payable k account credited when money is borrowed from bank using Promissory note 8 Duality of effects M Every transaction has atleast 2 effects 9 Retained earnings l cumulative earnings that are not distributed to owners 10 Debit g principle asset shouls be recorded at original cost .

1. Select appropriate letter to each of its related definition in the list given below. Definition A.
Economic resources to be used or turned into cash within one year. B. Reports assets, liabilities,
and stockholders? equity. C. Decrease assets; increase liabilities and stockholders? equity. D.
Increase assets; decrease liabilities and stockholders? equity. E. An exchange or event that has a
direct and measurable financial effect. F Accounts for a business separate from its owners. G.
The principle that assets should be recorded at their original cost to the company. H. A
standardized format used to accumulate data about each item reported on financial statements. I.
The basic accounting equation. J. The two equalities in accounting that aid in providing
accuracy. K. The account credited when money is borrowed from a bank using a promissory
note. L. Cumulative earnings of a company that are not distributed to the owners. M. Every
transaction has at least two effects. N. Amounts presently owed by the business. 1. Transaction 2.
Separate Entity Assumption 3. Balance Sheet 4. Liabilities 5. Assets = Liabilities +
Stockholders? Equity 6. Current Assets 7. Notes Payable 8. Duality of Effects 9. Retained
Earnings 10. Debit
Solution
1 Transaction e An exchange or event that has a direct and measurable fin effect 2 Separate
Entity f accounts for a business separate from its owners 3 Balance Sheet B Reports Assets ,
Liabilities and Stock holders equity, h standardised format used to accumulate data 4 Liability N
Amounts presetly owed by business 5 Asset = Liability + Equity c decrease aassets and inc liab
and stock holder equity and d increase assets and decrease stockholders equity and liab, ,I basic
accounting equation J Equalities in Accouting that aid in providing accuracy 6 Current assets A
Economic resources to be used or turned into cash within 1 year 7 Notes payable k account
credited when money is borrowed from bank using Promissory note 8 Duality of effects M Every
transaction has atleast 2 effects 9 Retained earnings l cumulative earnings that are not distributed
to owners 10 Debit g principle asset shouls be recorded at original cost