<h2><u>Answer: </u></h2>
<u>Accounting</u>:
The basic tool of accounting, stated as asset=liabilities + equity (e)
<u>Asset:</u>
An economic resource that is expected to be of benefit in the future (a)
<u>Balance sheet:</u>
Reports on an entity’s assets, liabilities, and stockholders’ equity as of a specific date (I)
<u>Expense:</u>
Decreases in equity that occur in the course of selling goods/services (f)
<u>Income statement:</u>
Reports on an entity’s revenues, expenses, and net income or loss for the period (j)
<u>Liability:</u>
Debts that are owed to creditors (b)
<u>Net income:</u>
Excess of total revenues over total expense (d)
<u>Net loss:</u>
Excess of total expense over total revenues (c)
<u>Revenue:</u>
Increase in equity that occur in the course of selling goods/services (g)
<u>Statement of cash flow:</u>
Reports on a business’s cash receipts and cash payments during a period (h)
<u>Statement of retrained earning:</u>
Reports how the company’s retained earnings balance changes from the beginning to the end of the period (k)
