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