Matching
Match the following terms with the appropriate definition.
Premises:
Entries recorded at the end of each accounting period to transfer end-of-period balances in revenue, expense, and withdrawals accounts to the permanent owner's capital account.
Tangible long-lived assets used to produce or sell products or services.
A balance sheet that organizes the assets and liabilities into important subgroups.
A balance sheet that broadly groups assets, liabilities and equity items.
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.
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.
Long-term assets used to produce or sell products or services; these assets usually lack physical form and their benefits are uncertain.
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.
Debts that are due to be paid or settled within one year or the operating cycle of a business whichever is longer.
The owner's claim on the assets of a company.
Responses:
Current assets
Unclassified balance sheet
Current ratio
Long-term investments
Intangible assets
Plant assets
Owner's capital
Current liabilities
Classified balance sheet
Closing entries
Correct Answer:
Premises:
Responses:
Entries recorded at the end of each accounting period to transfer end-of-period balances in revenue, expense, and withdrawals accounts to the permanent owner's capital account.
Tangible long-lived assets used to produce or sell products or services.
A balance sheet that organizes the assets and liabilities into important subgroups.
A balance sheet that broadly groups assets, liabilities and equity items.
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.
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.
Long-term assets used to produce or sell products or services; these assets usually lack physical form and their benefits are uncertain.
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.
Debts that are due to be paid or settled within one year or the operating cycle of a business whichever is longer.
The owner's claim on the assets of a company.
Premises:
Entries recorded at the end of each accounting period to transfer end-of-period balances in revenue, expense, and withdrawals accounts to the permanent owner's capital account.
Tangible long-lived assets used to produce or sell products or services.
A balance sheet that organizes the assets and liabilities into important subgroups.
A balance sheet that broadly groups assets, liabilities and equity items.
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.
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.
Long-term assets used to produce or sell products or services; these assets usually lack physical form and their benefits are uncertain.
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.
Debts that are due to be paid or settled within one year or the operating cycle of a business whichever is longer.
The owner's claim on the assets of a company.
Responses:
Related Questions
Q158: Calculate the current ratio in each of
Q159: Shown below is Adventure Travel's adjusted trial
Q160: Reversing entries are linked to _ and
Q167: The current portion of long-term debt is
Q173: A _ helps in preparing financial statements,
Q175: Intangible assets are long-term resources used to
Q175: The _ refers to the steps in
Q179: Balance sheet accounts are called_ accounts because
Q181: A company's post-closing trial balance has a
Q184: A current ratio of 2.1 suggests that
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents