196. Match the following definitions with terms 1 through 8. Place the letter that identifies the best definition in the blank space next to the term. 1. Going-concern principle Increases in...

1. Going-concern principle

Increases in retained earnings from a company's earnings activities

2. Revenues

A principle that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold

3. Cost principle

A financial statement that reports the changes in retained earnings over the reporting period; including increases from net income and for decreases such as dividends or net loss

4. Statement of retained earnings

Another term for equity

5. Objectivity principle

The distribution of assets to stockholders

6. Assets

A principle that requires the information in financial statements to be supported by independent unbiased evidence

7. Dividends

The accounting principle that requires assets and services to be recorded initially at the cash or cash-equivalent amount given in exchange

8. Net assets

Resources owned or controlled by a company that are expected to yield future benefits