Question

IV. Match the words with their definitions.

1. Accounting
cycle
2. Transaction
3. Profit equation
4. Retained
earnings
5. Audit
a. a financially significant event that either increases or decreases the value of an account.
b. the amount that the firm has plowed back from profits over the years but has not paid out in dividends.
c. the sequence of accepted procedures that accountants must follow over a specific period of time.
d. an accountant's examination of a company's financial records to determine if it used proper procedures to prepare its financial reports.
e. profits equal revenue minus expenses.

Answer 1

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