Listed below are ten terms followed by a list of phrases that describe or characterize five of the terms.Match each phrase with the correct term by placing the letter designating the term in the space provided.
-____ Financial statement showing that assets equal liabilities plus stockholders' equity.

Question

Quizplus · Accepted Answer

The phrase "Financial statement showing that assets equal liabilities plus stockholders' equity" describes the Balance sheet. The other phrases do not match any of the given terms as follows:
- Accrued expenses: Expenses that have been incurred but have not yet been paid or recorded.
- Adjusted trial balance: A list of all accounts and their updated balances after adjusting entries have been made.
- Adjusting entries: Entries made at the end of an accounting period to ensure that revenue and expenses are recorded in the correct period.
- Depreciation expense: The amount of an asset's cost that is expensed each period that reflects the asset's decrease in value over time.
- Prepaid expenses: Expenses that have been paid in advance but have not yet been used or recorded.
- Expenses: Outflows of resources (money, goods, or services) incurred in the process of generating revenue.
- Post-closing trial balance: A list of all accounts and their balances at the end of the period after closing entries have been made.
- Income statement: Financial statement showing a company's revenues, expenses, and net income or net loss for a period.
- Trial balance: A list of all accounts and their balances at a specific point in time to ensure that debits and credits are equal.

Listed Below Are Ten Terms Followed by a List of Phrases