Matching
Match the following terms with the appropriate definition.
Premises:
A balance sheet that lists items vertically in the order of assets,liabilities and equity.
Costs that are incurred in a period but are both unpaid and unrecorded,requiring an adjustment at the end of the period.
An account linked with another account and having an opposite normal balance.
A useful measure of a company's operating results determined by dividing net income by net sales.
A 12-month period,used by companies with seasonal variation that ends when a company's sales activities are at their lowest point.
Items paid for in advance of receiving their benefits; recorded as an asset when purchased and expensed when used.
A listing of accounts and balances prepared after external transactions are recorded but before adjustments are recorded.
A journal entry made at the end of an accounting period to reflect a transaction or event that is not yet recorded; affects one or more income statement account and one or more balance sheet account,but never cash.
A listing of accounts and balances prepared after adjustments are recorded and posted to the ledger.
Any length of time that an organization's activities are divided into and reported by financial statements.
Responses:
Adjusted trial balance
Unadjusted trial balance
Adjusting entry
Contra account
Accrued expenses
Report form balance sheet
Prepaid expenses
Natural business year
Profit margin
Accounting period
Correct Answer:
Premises:
Responses:
A balance sheet that lists items vertically in the order of assets,liabilities and equity.
Costs that are incurred in a period but are both unpaid and unrecorded,requiring an adjustment at the end of the period.
An account linked with another account and having an opposite normal balance.
A useful measure of a company's operating results determined by dividing net income by net sales.
A 12-month period,used by companies with seasonal variation that ends when a company's sales activities are at their lowest point.
Items paid for in advance of receiving their benefits; recorded as an asset when purchased and expensed when used.
A listing of accounts and balances prepared after external transactions are recorded but before adjustments are recorded.
A journal entry made at the end of an accounting period to reflect a transaction or event that is not yet recorded; affects one or more income statement account and one or more balance sheet account,but never cash.
A listing of accounts and balances prepared after adjustments are recorded and posted to the ledger.
Any length of time that an organization's activities are divided into and reported by financial statements.
Premises:
A balance sheet that lists items vertically in the order of assets,liabilities and equity.
Costs that are incurred in a period but are both unpaid and unrecorded,requiring an adjustment at the end of the period.
An account linked with another account and having an opposite normal balance.
A useful measure of a company's operating results determined by dividing net income by net sales.
A 12-month period,used by companies with seasonal variation that ends when a company's sales activities are at their lowest point.
Items paid for in advance of receiving their benefits; recorded as an asset when purchased and expensed when used.
A listing of accounts and balances prepared after external transactions are recorded but before adjustments are recorded.
A journal entry made at the end of an accounting period to reflect a transaction or event that is not yet recorded; affects one or more income statement account and one or more balance sheet account,but never cash.
A listing of accounts and balances prepared after adjustments are recorded and posted to the ledger.
Any length of time that an organization's activities are divided into and reported by financial statements.
Responses:
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