Match the items below by entering the appropriate code letter in the space provided.
A. Worksheet
B. Permanent accounts
C. Closing entries
D. Income Summary
E. Reversing entry
F. Capital Stock
G. Current assets
H. Operating cycle
I. Long-term liabilities
J. Correcting entries
1. Obligations that a company expects to pay after one year.
2. A part of owners' equity in a corporation.
3. An optional tool which facilitates the preparation of financial statements.
4. A temporary account used in the closing process.
5. Balance sheet accounts whose balances are carried forward to the next period.
6. The average time that it takes to go from cash to cash in producing revenues.
7. Entries to correct errors made in recording transactions.
8. The exact opposite of an adjusting entry made in a previous period.
9. Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent owner's equity account.
10. Assets that a company expects to pay or convert to cash or use up within one year.

Question

Match the items below by entering the appropriate code letter in the space provided.
A. Worksheet
B. Permanent accounts 
C. Closing entries
D. Income Summary
E. Reversing entry 
 F. Capital Stock
G. Current assets
 H. Operating cycle
 I. Long-term liabilities
J. Correcting entries
1. Obligations that a company expects to pay after one year.
2. A part of owners' equity in a corporation.
3. An optional tool which facilitates the preparation of financial statements.
4. A temporary account used in the closing process.
5. Balance sheet accounts whose balances are carried forward to the next period.
6. The average time that it takes to go from cash to cash in producing revenues.
7. Entries to correct errors made in recording transactions.
8. The exact opposite of an adjusting entry made in a previous period.
9. Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent owner's equity account.
10. Assets that a company expects to pay or convert to cash or use up within one year.

Quizplus · Accepted Answer

The Answer of Match the items below by entering the appropriate code letter in the space provided.
A. Worksheet
B. Permanent accounts 
C. Closing entries
D. Income Summary
E. Reversing entry 
 F. Capital Stock
G. Current assets
 H. Operating cycle
 I. Long-term liabilities
J. Correcting entries
1. Obligations that a company expects to pay after one year.
2. A part of owners' equity in a corporation.
3. An optional tool which facilitates the preparation of financial statements.
4. A temporary account used in the closing process.
5. Balance sheet accounts whose balances are carried forward to the next period.
6. The average time that it takes to go from cash to cash in producing revenues.
7. Entries to correct errors made in recording transactions.
8. The exact opposite of an adjusting entry made in a previous period.
9. Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent owner's equity account.
10. Assets that a company expects to pay or convert to cash or use up within one year.

Match the Items Below by Entering the Appropriate Code Letter