Question

1. Match the following definitions/terms by placing the Number that identifies the best definition in Answer Column. Note: 15 Definitions – Second page.

Answer	Terms	#	Definition
	Assets	1	The accounting principle that requires assets and services to be recorded initially at the cash or cash-equivalent amount given in exchange.
	Going-concern principle	2	Value of assets exchanged for products or services provided to customers as part of the main operations of the business.
	Statement of owner's equity	3	The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue.
	Cost principle	4	Properties or resources owned by a business.
	Withdrawal	5	A financial statement that reports the changes in equity over the reporting period; beginning equity is adjusted for increases such as owner investment or net income and for decreases such as owner withdrawals or a net loss.
	Revenues	6	A payment of cash or other assets from a proprietorship or partnership to its owner or owners.
	List price	7	Format that does not present intermediate totals other than total expenses.
	Merchandise inventory	8	The abbreviation for free on board; the designated point at which ownership of goods passes to the buyer.
	EOM	9	Goods a company owns and holds for the purpose of selling them to its customers
	Single-step income statement	10	Support the overall operations of a business and include the expenses of such activities as providing accounting services, human resource management, and financial management.
	FOB	11	The abbreviation for end-of-month; used to describe credit terms for some transactions.

	Shrinkage	12	Losses that occur as a result of shoplifting or deterioration.
	Selling expenses	13	Format that shows several intermediate totals between sales and net income
	Classified multiple-step income statement	14	The catalogue of an item before any trade discount is deducted.
	General and administrative expense	15	Promoting sales by displaying and advertising the merchandise, making sales, and delivering goods to customers.

Answer 1

Answer	Terms	#	Definition
4	Assets	1	The accounting principle that requires assets and services to be recorded initially at the cash or cash-equivalent amount given in exchange.
3	Going-concern principle	2	Value of assets exchanged for products or services provided to customers as part of the main operations of the business.
5	Statement of owner's equity	3	The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue.
1	Cost principle	4	Properties or resources owned by a business.
6	Withdrawal	5	A financial statement that reports the changes in equity over the reporting period; beginning equity is adjusted for increases such as owner investment or net income and for decreases such as owner withdrawals or a net loss.
2	Revenues	6	A payment of cash or other assets from a proprietorship or partnership to its owner or owners.
14	List price	7	Format that does not present intermediate totals other than total expenses.
9	Merchandise inventory	8	The abbreviation for free on board; the designated point at which ownership of goods passes to the buyer.
11	EOM	9	Goods a company owns and holds for the purpose of selling them to its customers
7	Single-step income statement	10	Support the overall operations of a business and include the expenses of such activities as providing accounting services, human resource management, and financial management.
8	FOB	11	The abbreviation for end-of-month; used to describe credit terms for some transactions.
12	Shrinkage	12	Losses that occur as a result of shoplifting or deterioration.
15	Selling expenses	13	Format that shows several intermediate totals between sales and net income
13	Classified multiple-step income statement	14	The catalogue of an item before any trade discount is deducted.
10	General and administrative expense	15	Promoting sales by displaying and advertising the merchandise, making sales, and delivering goods to customers.

Hope the above calculations, working and explanations are clear to you and help you in understanding the concept of question.... please rate my answer...in case any doubt, post a comment and I will try to resolve the doubt ASAP…thank you