P1-29A Accounting vocabulary, financial statement users,accounting profession, types of business organizations, corporate
characteristics, and accounting concepts [15–20 min]
Consider the following terms and definitions:
TERMS: DEFINITIONS:
1. Proprietorship A. Feature that enables a corporation to raise more money than proprietorships and partnerships
2. Faithful representation B. Holds that fair market value should not be used over actual costs
3. Partnership C. Stands for Financial Accounting Standards Board
4. Stock D. Owner is referred to as a proprietor
5. Limited liability E. Asserts that data are complete, neutral, and free from material error
6. Limited Liability Company F. Revenues of $70,000 and expenses of $85,000
7. Cost principle G. Has unlimited liability
8. FASB H. Represents ownership in a corporation
9. Net loss of $15,000 I. Type of entity that is designed to limit personal liability exposure
10. Creditors J. Person or business lending money
Requirement
1. Match the terms with their correct definitions.
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