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ACCT 2121 Spring 2012 Chapter 1 Pre Lecture

Match each definition with its related term by selecting in the list given below:

1.            The financial reports of a business are assumed to include the results of only that business's activities.                                                                                                                                                  

2.            The resources owned by a business.                                                                                      

3.            Financial information that can be compared across businesses because similar accounting methods have been applied.                                                                                                                               

4.            The total amounts invested and reinvested in the business by its owners.           

5.            The costs of business necessary to earn revenues.                                                         

6.            A feature of financial information that allows it to influence a decision.                 

7.            Earned by selling goods or services to customers.                                                            

8.            The amounts owed by the business.                                                                                      

9.            Financial information that depicts the economic substance of business activit    

10.          The assumption that states that results of business activities should be reported in an appropriate monetary unit.

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