Matching
Match the items below.
Premises:
Obligations that a company expects to pay after one year.
A part of owners’ equity in a corporation.
An optional tool which facilitates the preparation of financial statements.
A temporary account used in the closing process.
Balance sheet accounts whose balances are carried forward to the next period.
The average time that it takes to go from cash to cash in producing revenues.
Entries to correct errors made in recording transactions.
The exact opposite of an adjusting entry made in a previous period.
Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent owner’s equity account.
Assets that a company expects to pay or convert to cash or use up within one year.
Responses:
Worksheet
Permanent accounts
Closing entries
Income Summary
Reversing entry
Common Stock
Current assets
Operating cycle
Long-term liabilities
Correcting entries
Correct Answer:
Premises:
Responses:
Obligations that a company expects to pay after one year.
A part of owners’ equity in a corporation.
An optional tool which facilitates the preparation of financial statements.
A temporary account used in the closing process.
Balance sheet accounts whose balances are carried forward to the next period.
The average time that it takes to go from cash to cash in producing revenues.
Entries to correct errors made in recording transactions.
The exact opposite of an adjusting entry made in a previous period.
Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent owner’s equity account.
Assets that a company expects to pay or convert to cash or use up within one year.
Premises:
Obligations that a company expects to pay after one year.
A part of owners’ equity in a corporation.
An optional tool which facilitates the preparation of financial statements.
A temporary account used in the closing process.
Balance sheet accounts whose balances are carried forward to the next period.
The average time that it takes to go from cash to cash in producing revenues.
Entries to correct errors made in recording transactions.
The exact opposite of an adjusting entry made in a previous period.
Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent owner’s equity account.
Assets that a company expects to pay or convert to cash or use up within one year.
Responses:
Related Questions
Q229: Distinguish between a reversing entry and an
Q230: Match the items below by entering the
Q231: The four major classifications of assets in
Q232: Two permanent accounts that are part of
Q233: You have recently started to work for
Q234: Assets that do not have a physical
Q235: Give the definition of current assets and
Q236: Match the terms given below with the
Q237: Indicate in which journal the transactions given
Q238: Six internal control principles related to cash
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents