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Chapter 2 Quiz

Select the Definition that corresponds to the displayed Term.
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1. Processing




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2. Assets




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3. Statement of Owner's Equity




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4. Statement of Financial Condition




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5. Net Loss




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6. Accounts Receivable




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7. Fiscal Year




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8. Income Statement




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9. Notes Payable




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10. Capital




Select the Term that corresponds to the displayed Definition.
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11. Reduce owner’s equity as a result of the owner taking cash or other assets out of the business for personal use.




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12. The concept that nonbusiness assets and liabilities are not included in the business entity's accounting records,




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13. An economic event that has a direct impact on the business.




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14. A measure of the ease with which an asset will be converted to cash.




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15. Reduce owner’s equity as a result of the owner taking cash or other assets out of the business for personal use.




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16. The accountant equation consists of the three basic accounting elements: Assets=Liabilities+Owner's Equity.




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17. An individual, association, or organization that engages in economic activities and controls specific economic resources.




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18. An unwritten promise to pay a supplier for assets purchased or services received.




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19. Another name for the Income statement, which reports the profitability of business operations for a specific period of time.




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20. Another name for the balance sheet, which reports assets, liabilities, and owner's equity on a specific date.





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