Key definitions and missing information in the accounting equation.
Required Match the terms (identified as a through g) with the definitions and phrases (marked 1 through 7). For example the term "a. Assets" matches with definition 7. Economic resources that will be used by a business to produce revenue.
1. Individuals or institutions that have contributed assets or services to a business in exchange for an ownership interest in the business. 2. Common Stock Retained Earnings. 3. Certificates that evidence ownership in a company. 4. Assets-Liabilities Common Stock. 5. An obligation to pay cash in the future. 6. Individuals or institutions that have loaned goods or services to a business. 7. Economic resources that will be used by a business to produce revenue.
a. Assets b. Common Stock c. Creditors d. Liability e. Retained Earnings f. Stockholders g. Stockholders' Equity