ACCOUNTING 211 Liberty University -ACCT 211: Chapter 1, Financial Accounting fully solved

ACCOUNTING 211 Liberty University -ACCT 211: Chapter 1, Financial Accounting fully solvedRevenue Recognition - correct answer Revenue is recognized and recorded when earned. Matching - correct answer Expenses are recorded in the time period when they are incurred to generate revenues Cost - correct answer Assets are recorded and maintained at their historical costs Asset - correct answer A resource of a business with future value liability - correct answer an obligation of a business which will require the sacrifice of some future resources in the future Contributed capital - correct answer Equity resulting from the contribution of business owners Retained Earnings - correct answer Equity resulting from profitable operations Expense - correct answer Decrease in assets resulting from selling/providing a good or service dividend - correct answer distribution of profits to owners Revenue - correct answer Increase in assets resulting from selling/providing a good or service Economic Entity - correct answer financial activities of a business can be accounted for separately from the business owners'