Matching
Match the following terms with the appropriate definition:
Premises:
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 spreadsheet used to draft an unadjusted trial balance, adjusting entries, adjusted trial balance and financial statements.
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.
Entries recorded at the end of each accounting period to transfer end-of-period balances in revenue, expense and dividends accounts to retained earnings.
Accounts that are used to record transactions and events for one accounting period only; they include revenues, expenses and dividends.
Analyses and other informal reports prepared by accountants when organizing the information presented in reports and financial statements.
Recurring steps performed each accounting period, starting with analyzing and recording of transactions in the journal and continuing through the post-closing trial balance.
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.
Responses:
Pro forma
Temporary accounts
Post-closing trial balance
Operating cycle
Working papers
Work sheet
Permanent accounts
Accounting cycle
Income summary
Closing entries
Correct Answer:
Premises:
Responses:
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 spreadsheet used to draft an unadjusted trial balance, adjusting entries, adjusted trial balance and financial statements.
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.
Entries recorded at the end of each accounting period to transfer end-of-period balances in revenue, expense and dividends accounts to retained earnings.
Accounts that are used to record transactions and events for one accounting period only; they include revenues, expenses and dividends.
Analyses and other informal reports prepared by accountants when organizing the information presented in reports and financial statements.
Recurring steps performed each accounting period, starting with analyzing and recording of transactions in the journal and continuing through the post-closing trial balance.
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.
Premises:
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 spreadsheet used to draft an unadjusted trial balance, adjusting entries, adjusted trial balance and financial statements.
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.
Entries recorded at the end of each accounting period to transfer end-of-period balances in revenue, expense and dividends accounts to retained earnings.
Accounts that are used to record transactions and events for one accounting period only; they include revenues, expenses and dividends.
Analyses and other informal reports prepared by accountants when organizing the information presented in reports and financial statements.
Recurring steps performed each accounting period, starting with analyzing and recording of transactions in the journal and continuing through the post-closing trial balance.
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.
Responses:
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