Accounting vocabulary, financial statement users, accounting profession, types of business organizations, proprietorship characteristics, and accounting concepts
Consider the following terms and definitions:
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TERMS: |
DEFINITIONS: |
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1. Proprietorship |
A. Feature that enables a corporation to raise more money than proprietorships and partnerships |
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2. Faithful representation |
B. Holds that fair market value should not be used over actual costs |
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3. Partnership |
C. Stands for Financial Accounting Standards Board |
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4. Stock |
D. Owner is referred to as a proprietor |
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5. Limited liability |
E. Asserts that data are complete, neutral, and free from material error |
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6. Limited Liability Company |
F. Revenues of $70,000 and expenses of $85,000 |
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7. Cost principle |
G. Has unlimited liability |
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8. FASB |
H. Represents ownership in a corporation |
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9. Net loss of $15,000 |
I. Type of entity that is designed to limit personal liability exposure |
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10. Creditors |
J. Person or business lending money |
Requirement
1. Match the terms with their correct definitions.