Matching
Match the term and the definition.There are more definitions than terms.
Premises:
1 Temporary account
1 Carrying value
1 Trial balance
1 Closing journal entry
1 Contra-account
1 Income before income taxes
1 Accrual adjustment
1 Net loss
1 Deferral adjustment
Responses:
A journal entry that transfers net income or loss to the retained earnings account.
Converts some of an asset's or liability's book value into an expense or revenue.
Also known as transportation and storage expense.
The amount at which an asset or liability is reported in the financial statements.
An account that is paired with another account whose book value it reduces.
When a company lowers the price of a product.
Lists the balances of all accounts to check that debits equal credits.
An income account that is only open long enough to record one transaction.
The number of years that a company has to pay back its loans and other financing.
A journal entry that eliminates an account from the chart of accounts.
The level of revenue a company has before it pays administrative expenses.
The level of profit before considering income tax.
When revenue minus expenses is a negative number.
Adds new values into the balance sheet and income statement accounts.
An account that must have a zero balance after closing entries have been made.
Lists the balances of all accounts to check that revenues equal expenses.
Correct Answer:
Premises:
Responses:
A journal entry that transfers net income or loss to the retained earnings account.
Converts some of an asset's or liability's book value into an expense or revenue.
Also known as transportation and storage expense.
The amount at which an asset or liability is reported in the financial statements.
An account that is paired with another account whose book value it reduces.
When a company lowers the price of a product.
Lists the balances of all accounts to check that debits equal credits.
An income account that is only open long enough to record one transaction.
The number of years that a company has to pay back its loans and other financing.
A journal entry that eliminates an account from the chart of accounts.
The level of revenue a company has before it pays administrative expenses.
The level of profit before considering income tax.
When revenue minus expenses is a negative number.
Adds new values into the balance sheet and income statement accounts.
An account that must have a zero balance after closing entries have been made.
Lists the balances of all accounts to check that revenues equal expenses.
Premises:
A journal entry that transfers net income or loss to the retained earnings account.
Converts some of an asset's or liability's book value into an expense or revenue.
Also known as transportation and storage expense.
The amount at which an asset or liability is reported in the financial statements.
An account that is paired with another account whose book value it reduces.
When a company lowers the price of a product.
Lists the balances of all accounts to check that debits equal credits.
An income account that is only open long enough to record one transaction.
The number of years that a company has to pay back its loans and other financing.
A journal entry that eliminates an account from the chart of accounts.
The level of revenue a company has before it pays administrative expenses.
The level of profit before considering income tax.
When revenue minus expenses is a negative number.
Adds new values into the balance sheet and income statement accounts.
An account that must have a zero balance after closing entries have been made.
Lists the balances of all accounts to check that revenues equal expenses.
Responses:
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