Question

economic entity assumption
revenues
ethics
the increases in assets or decreases in liabilities resulting from the sale of goods or the performance of services in the normal course of business.
an assumption that requires that the activities of the entity be kept separate and distinct from the activities of its owner and all other economic entities.
the standards of conduct by which ones actions are judged as right or wrong, honest or dishonest, fair or not fair.

Explanation:

Match each term to its corresponding definition based on accounting concepts:

1. The economic entity assumption is defined as keeping the entity's activities separate from its owner and other entities.
2. Revenues are the increases in assets or decreases in liabilities from normal business operations.
3. Ethics refers to the standards judging actions as right/wrong, honest/dishonest, fair/unfair.

Answer:

• economic entity assumption: An assumption that requires that the activities of the entity be kept separate and distinct from the activities of its owner and all other economic entities.
• revenues: The increases in assets or decreases in liabilities resulting from the sale of goods or the performance of services in the normal course of business.
• ethics: The standards of conduct by which one's actions are judged as right or wrong, honest or dishonest, fair or not fair.