Solved

Match the Items Below by Entering the Appropriate Code Letter

Question 151

Matching

Match the items below by entering the appropriate code letter in the space provided.

Premises:
A temporary account used to close revenues and expenses
Entries to correct errors made in recording transactions
Balance sheet accounts whose balances are carried forward to the next period
Resources that are expected to be realized in cash, sold, or consumed within one year of the balance sheet
The exact opposite of an adjusting entry made in a previous period
Obligations expected to be paid after one year
A temporary account used to account for owner withdrawals
An optional tool that facilitates the preparation of financial statements
Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent owner's equity account
Responses:
Income summary
Permanent accounts
Non-current liabilities
Share capital
Correcting entries
Closing entries
Current assets
Drawings
Reversing entry
Work sheet

Correct Answer:

Income summary
Permanent accounts
Non-current liabilities
Share capital
Correcting entries
Closing entries
Current assets
Drawings
Reversing entry
Work sheet
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