Match the definition to the correct accounting element Assets Liabilities ? Choose Sales made to customers Investments

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Match the definition to the correct accounting element Assets Liabilities ? Choose Sales made to customers Investments by the owners into the business What the company owns What the company owes to others. Costs of running the business Transfers of cash from the business to the owners of the business Choose Revenue Expenses Expenses [Choose Dividends Choose Contributed Capital Choose

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Solutions Particular Definition Explanation Assets What the Company owns It is a resource controlled by the entity that helps in generating cashflows to the entity. Which means it is owned and controlled by the company for generating cash flows Liabilities What the Company owes to other Libiality is a financial obligation to a company which has to be discharged in future. Hence the company owes the amount of liability payable in future. Revenue Sales made to customer Revenue is the amount generated from the primary operations of the business such as sale of goods or services Expenses Cost of Running the business It is an amount incurred in the course of business for earning revenue such as for buying raw material, rent, maintenance etc. Dividend Transfer of cash from the business to the owners of the business Dividend is an approriation of profits earned in the business to the shareholders which means transfer of business cash to owners Contributed Capital Investment by the owners into the business It is an amount brought in by the investors or owners for starting the business and to conduct the business activities

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Match the definition to the correct accounting element Assets Liabilities ? Choose Sales made to customers Investments by the owners into the business What the company owns What the company owes to others

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Archived Solution

Particular	Definition	Explanation
Assets	What the Company owns	It is a resource controlled by the entity that helps in generating cashflows to the entity. Which means it is owned and controlled by the company for generating cash flows
Liabilities	What the Company owes to other	Libiality is a financial obligation to a company which has to be discharged in future. Hence the company owes the amount of liability payable in future.
Revenue	Sales made to customer	Revenue is the amount generated from the primary operations of the business such as sale of goods or services
Expenses	Cost of Running the business	It is an amount incurred in the course of business for earning revenue such as for buying raw material, rent, maintenance etc.
Dividend	Transfer of cash from the business to the owners of the business	Dividend is an approriation of profits earned in the business to the shareholders which means transfer of business cash to owners
Contributed Capital	Investment by the owners into the business	It is an amount brought in by the investors or owners for starting the business and to conduct the business activities