Accounting #2 Worksheet
This printable matching worksheet on the topic of Economics & Business has 15 questions and answers to match. This matching worksheet is also available to download as a Microsoft Word document or a PDF.
Description
a present economic resource controlled by an entity as a result of past events
a present obligation of an entity to transfer an economic resource as a result of past events
the residual interest in the assets of the entity after the deduction of its liabilities.
claims on the assets of a business, consisting of both liabilities and owner's equity
increases in assets or decreases in liabilities that result in increases in owner’s equity, other than those relating to contributions from the owner
decreases in assets or increases in liabilities that result in decreases in owner’s equity, other than those relating to distributions to the owner
an Accounting report that details the business’s assets, liabilities and owner’s equity at a particular point in time
the rule that states that assets must always equal liabilities plus owner’s equity
an Accounting report that details the business’s assets, liabilities and owner’s equity at a particular point in time
grouping together items that have some common characteristic
a present economic resource controlled by an entity as a result of past events that is reasonably expected to be converted to cash, sold or consumed within the next 12 months
a present economic resource controlled by an entity as a result of past events that is not held for resale and is reasonably expected to be used for more than the next 12 months
a present obligation of an entity to transfer an economic resource as a result of past events that is reasonably expected to be settled within 12 months
a present obligation of an entity to transfer an economic resource as a result of past events that is not required to be settled within 12 months
a system that records at least two effects on the Accounting equation as a result of each transaction
