Matching
Match the following terms with the appropriate definition:
Premises:
A spreadsheet used to draft an unadjusted trial balance, adjusting entries, adjusted trial balance and financial statements.
Entries recorded at the end of each accounting period to transfer end-of-period balances in revenue, expense and dividends accounts to retained earnings.
Recurring steps performed each accounting period, starting with analyzing and recording of transactions in the journal and continuing through the post-closing trial balance.
The time span from when cash is used to acquire goods and services until cash is received from the sale of those goods and services.
A temporary account used only in the closing process and to where the balances of revenue and expense accounts are transferred.
A list of permanent accounts and their balances from the ledger after all closing entries are journalized and posted.
Statements that show the effects of proposed transactions as if the transactions had already occurred.
Accounts that reflect on activities related to one or more future periods; they include all balance sheet accounts.
Analyses and other informal reports prepared by accountants when organizing the information presented in reports and financial statements.
Accounts that are used to record transactions and events for one accounting period only; they include revenues, expenses and dividends.
Responses:
Permanent accounts
Accounting cycle
Income summary
Pro forma
Temporary accounts
Work sheet
Operating cycle
Closing entries
Post-closing trial balance
Working papers
Correct Answer:
Premises:
Responses:
A spreadsheet used to draft an unadjusted trial balance, adjusting entries, adjusted trial balance and financial statements.
Entries recorded at the end of each accounting period to transfer end-of-period balances in revenue, expense and dividends accounts to retained earnings.
Recurring steps performed each accounting period, starting with analyzing and recording of transactions in the journal and continuing through the post-closing trial balance.
The time span from when cash is used to acquire goods and services until cash is received from the sale of those goods and services.
A temporary account used only in the closing process and to where the balances of revenue and expense accounts are transferred.
A list of permanent accounts and their balances from the ledger after all closing entries are journalized and posted.
Statements that show the effects of proposed transactions as if the transactions had already occurred.
Accounts that reflect on activities related to one or more future periods; they include all balance sheet accounts.
Analyses and other informal reports prepared by accountants when organizing the information presented in reports and financial statements.
Accounts that are used to record transactions and events for one accounting period only; they include revenues, expenses and dividends.
Premises:
A spreadsheet used to draft an unadjusted trial balance, adjusting entries, adjusted trial balance and financial statements.
Entries recorded at the end of each accounting period to transfer end-of-period balances in revenue, expense and dividends accounts to retained earnings.
Recurring steps performed each accounting period, starting with analyzing and recording of transactions in the journal and continuing through the post-closing trial balance.
The time span from when cash is used to acquire goods and services until cash is received from the sale of those goods and services.
A temporary account used only in the closing process and to where the balances of revenue and expense accounts are transferred.
A list of permanent accounts and their balances from the ledger after all closing entries are journalized and posted.
Statements that show the effects of proposed transactions as if the transactions had already occurred.
Accounts that reflect on activities related to one or more future periods; they include all balance sheet accounts.
Analyses and other informal reports prepared by accountants when organizing the information presented in reports and financial statements.
Accounts that are used to record transactions and events for one accounting period only; they include revenues, expenses and dividends.
Responses:
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