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  3. consider the following accounting terms and defini

Consider the following accounting terms and definitions, and match each term to the definition: ...

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Question

Accounting

Consider the following accounting terms and definitions, and match each term to the definition:
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Part 1
Term
Definition
1.
Accounting equation
e. The basic tool of accounting, stated as Assets = Liabilities + Equity
2.
Asset
3.
Balance sheet
4.
Expense
5.
Income statement
6.
Liability
7.
Net income
8.
Net loss
9.
Revenue
10.
Statement of cash flows
11.
Statement of owner's equity

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