Matching
Match each definition to its term
Premises:
Entries recorded at the end of each accounting period to transfer end-of-period balances in revenue, expense and dividends accounts to retained earnings
Tangible long-lived assets used to produce or sell products or services
A balance sheet that broadly groups assets, liabilities and equity items
Long-term assets used to produce or sell products or services; these assets usually lack physical form and their benefits are uncertain
Obligations that are due to be paid or settled within one year or the operating cycle of a business whichever is longer
Cash or other assets that are expected to be sold, collected or used within one year or the company's operating cycle whichever is longer
The owner's claim on the assets of a company
A balance sheet that organizes the assets and liabilities into important subgroups
A ratio that is used to help evaluate a company's ability to pay its short-term obligations, calculated by dividing current assets by current liabilities
Assets such as notes receivable or investments in stocks which are held for the longer of one year or the operating cycle of the company
Responses:
Equity
Plant assets
Current assets
Closing entries
Intangible assets
Long-term investments
Classified balance sheet
Current liabilities
Unclassified balance sheet
Current ratio
Correct Answer:
Premises:
Responses:
Entries recorded at the end of each accounting period to transfer end-of-period balances in revenue, expense and dividends accounts to retained earnings
Tangible long-lived assets used to produce or sell products or services
A balance sheet that broadly groups assets, liabilities and equity items
Long-term assets used to produce or sell products or services; these assets usually lack physical form and their benefits are uncertain
Obligations that are due to be paid or settled within one year or the operating cycle of a business whichever is longer
Cash or other assets that are expected to be sold, collected or used within one year or the company's operating cycle whichever is longer
The owner's claim on the assets of a company
A balance sheet that organizes the assets and liabilities into important subgroups
A ratio that is used to help evaluate a company's ability to pay its short-term obligations, calculated by dividing current assets by current liabilities
Assets such as notes receivable or investments in stocks which are held for the longer of one year or the operating cycle of the company
Premises:
Entries recorded at the end of each accounting period to transfer end-of-period balances in revenue, expense and dividends accounts to retained earnings
Tangible long-lived assets used to produce or sell products or services
A balance sheet that broadly groups assets, liabilities and equity items
Long-term assets used to produce or sell products or services; these assets usually lack physical form and their benefits are uncertain
Obligations that are due to be paid or settled within one year or the operating cycle of a business whichever is longer
Cash or other assets that are expected to be sold, collected or used within one year or the company's operating cycle whichever is longer
The owner's claim on the assets of a company
A balance sheet that organizes the assets and liabilities into important subgroups
A ratio that is used to help evaluate a company's ability to pay its short-term obligations, calculated by dividing current assets by current liabilities
Assets such as notes receivable or investments in stocks which are held for the longer of one year or the operating cycle of the company
Responses:
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