Question

expanded accounting equation
retained earnings statement
assets = liabilities + common stock + revenues - expenses - dividends.
an area of public accounting ranging from development of accounting and computer systems to support services for marketing projects and merger and acquisition activities.
*management consulting
a financial statement that summarizes the changes in retained earnings for a specific period of time.

Explanation:

Match each term to its corresponding definition/description:

1. The expanded accounting equation is defined by the formula that links assets to liabilities, equity components, revenues, expenses, and dividends.
2. The retained earnings statement is a financial statement tracking changes in retained earnings over a period.
3. Management consulting in public accounting covers system development and support for business activities like mergers.

Answer:

• expanded accounting equation: $\text{Assets} = \text{Liabilities} + \text{Common stock} + \text{Revenues} - \text{Expenses} - \text{Dividends}$
• retained earnings statement: A financial statement that summarizes the changes in retained earnings for a specific period of time.
• *management consulting: An area of public accounting ranging from development of accounting and computer systems to support services for marketing projects and merger and acquisition activities.