39) Match each of the following terms with the appropriate definitions. Use each term only once.
a.prepaid insurance
b.accounts receivable
c.accounts payable
d.assets
e.current assets
f.liabilities
g.current liabilities
h.classified balance sheet
i.shareholders' equity
j.contributed capital
k.adjusting the books
_____ 1. Name for the owners' claims to the assets of the business which includes both contributed capital and retained earnings
_____ 2. The economic resources of a company resulting from past transactions
_____ 3. Amounts customers owe a company for goods or services purchased on credit
_____ 4. Obligations the company has incurred to obtain the assets it owns
_____ 5. Insurance a business has purchased, but not yet used
_____ 6. Assets the company plans to turn into cash or use to generate revenue in the next fiscal year
_____ 7. The amount the owners have put into their business
_____ 8. The process of making changes in the accounting records, at the end of an accounting period to make sure that the amounts reflect the financial condition of a company as of that date
_____ 9. Financial statement which shows subtotals for current assets and current liabilities
_____ 10. Liabilities the company will pay off within the next fiscal year
_____ 11. Amounts the company owes its vendors