Solved

Match the Items Below by Entering the Appropriate Code Letter

Question 236

Matching

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

Premises:
Balance sheet accounts whose balances are carried forward to the next period.
A temporary account used in the closing process.
Entries to correct errors made in recording transactions.
The average time that it takes to go from cash to cash in producing revenues.
An optional tool which facilitates the preparation of financial statements.
Assets that a company expects to pay or convert to cash or use up within one year.
Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent stockholders' equity account.
A part of owners' equity in a corporation.
Obligations that a company expects to pay after one year.
The exact opposite of an adjusting entry made in a previous period.
Responses:
Common Stock
Current assets
Income Summary
Worksheet
Operating cycle
Closing entries
Reversing entry
Long-term liabilities
Correcting entries
Permanent accounts

Correct Answer:

Balance sheet accounts whose balances are carried forward to the next period.
A temporary account used in the closing process.
Entries to correct errors made in recording transactions.
The average time that it takes to go from cash to cash in producing revenues.
An optional tool which facilitates the preparation of financial statements.
Assets that a company expects to pay or convert to cash or use up within one year.
Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent stockholders' equity account.
A part of owners' equity in a corporation.
Obligations that a company expects to pay after one year.
The exact opposite of an adjusting entry made in a previous period.
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