Match the terms with the definitions.
-A balance sheet in which the assets are on the left and the liabilities and the owner's equity sections are on the right.
A)account form of balance sheet
B)accounting cycle
C)classified balance sheet
D)closing process
E)current assets
F)current liabilities
G)Income Summary
H)long-term liabilities
I)operating cycle
J)permanent accounts
K)post-closing trial balance
L)property, plant, and equipment
M)report form of balance sheet
N)temporary accounts

Question

Quizplus · Accepted Answer

The account form of balance sheet is traditionally formatted with assets on the left side and liabilities and owner's equity on the right side, resembling the layout of the T-account used in accounting.

Match the Terms with the Definitions