Matching
Match the following appropriate definition with the correct term.
Premises:
Entries used to transfer end-of-period balances in revenue, expense, and dividends accounts to the permanent retained earnings account.
Accounts that accumulate data related to one accounting period only they include income statement accounts, dividends, and the Income Summary account.
A list of permanent accounts and their balances from the ledger after all closing entries
A temporary account only used for the closing process that contains a credit for the sum of all revenues and a debit for the sum of all expenses.
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 report on activities related to one or more future accounting periods they carry their ending balances into the next period.
Recurring steps in preparing financial statement performed each accounting period, beginning with analyzing transactions and ending with a post-closing trial balance or reversing entries.
Statements that show the effects of proposed transactions as if the transactions had already occurred.
A widely used working paper that is a useful tool for preparers in working with accounting information, usually not available to external decision makers.
Various analyses and internal documents prepared by accountants when organizing information for internal and external decision makers.
Responses:
Accounting cycle
Closing entries
Pro forma statements
Working papers
Permanent accounts
Post-closing trial balance
Work sheet
Income summary
Operating cycle of a business
Temporary accounts
Correct Answer:
Premises:
Responses:
Entries used to transfer end-of-period balances in revenue, expense, and dividends accounts to the permanent retained earnings account.
Accounts that accumulate data related to one accounting period only they include income statement accounts, dividends, and the Income Summary account.
A list of permanent accounts and their balances from the ledger after all closing entries
A temporary account only used for the closing process that contains a credit for the sum of all revenues and a debit for the sum of all expenses.
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 report on activities related to one or more future accounting periods they carry their ending balances into the next period.
Recurring steps in preparing financial statement performed each accounting period, beginning with analyzing transactions and ending with a post-closing trial balance or reversing entries.
Statements that show the effects of proposed transactions as if the transactions had already occurred.
A widely used working paper that is a useful tool for preparers in working with accounting information, usually not available to external decision makers.
Various analyses and internal documents prepared by accountants when organizing information for internal and external decision makers.
Premises:
Entries used to transfer end-of-period balances in revenue, expense, and dividends accounts to the permanent retained earnings account.
Accounts that accumulate data related to one accounting period only they include income statement accounts, dividends, and the Income Summary account.
A list of permanent accounts and their balances from the ledger after all closing entries
A temporary account only used for the closing process that contains a credit for the sum of all revenues and a debit for the sum of all expenses.
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 report on activities related to one or more future accounting periods they carry their ending balances into the next period.
Recurring steps in preparing financial statement performed each accounting period, beginning with analyzing transactions and ending with a post-closing trial balance or reversing entries.
Statements that show the effects of proposed transactions as if the transactions had already occurred.
A widely used working paper that is a useful tool for preparers in working with accounting information, usually not available to external decision makers.
Various analyses and internal documents prepared by accountants when organizing information for internal and external decision makers.
Responses:
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