Matching
Match the following terms with the appropriate definition.
Premises:
Closing entries
Work sheet
Pro forma statements
Income summary
Accounting cycle
Permanent accounts
Operating cycle of a business
Post-closing trial balance
Working papers
Responses:
Accounts that are used to record transactions and events for one accounting period only; they include revenues, expenses and dividends
Accounts that reflect on activities related to one or more future periods; they include all balance sheet accounts
Recurring steps performed each accounting period, starting with analyzing and recording of transactions in the journal and continuing through the post-closing trial balance
Statements that show the effects of proposed transactions as if the transactions had already occurred
A spreadsheet used to draft an unadjusted trial balance, adjusting entries, adjusted trial balance and financial statements
A temporary account used only in the closing process and to where the balances of revenue and expense accounts are transferred
Entries recorded at the end of each accounting period to transfer end-of-period balances in revenue, expense and dividends accounts to retained earnings
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
A list of permanent accounts and their balances from the ledger after all closing entries are journalized and posted
Analyses and other informal reports prepared by accountants when organizing the information presented in reports and financial statements
Correct Answer:
Premises:
Responses:
Accounts that are used to record transactions and events for one accounting period only; they include revenues, expenses and dividends
Accounts that reflect on activities related to one or more future periods; they include all balance sheet accounts
Recurring steps performed each accounting period, starting with analyzing and recording of transactions in the journal and continuing through the post-closing trial balance
Statements that show the effects of proposed transactions as if the transactions had already occurred
A spreadsheet used to draft an unadjusted trial balance, adjusting entries, adjusted trial balance and financial statements
A temporary account used only in the closing process and to where the balances of revenue and expense accounts are transferred
Entries recorded at the end of each accounting period to transfer end-of-period balances in revenue, expense and dividends accounts to retained earnings
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
A list of permanent accounts and their balances from the ledger after all closing entries are journalized and posted
Analyses and other informal reports prepared by accountants when organizing the information presented in reports and financial statements
Premises:
Accounts that are used to record transactions and events for one accounting period only; they include revenues, expenses and dividends
Accounts that reflect on activities related to one or more future periods; they include all balance sheet accounts
Recurring steps performed each accounting period, starting with analyzing and recording of transactions in the journal and continuing through the post-closing trial balance
Statements that show the effects of proposed transactions as if the transactions had already occurred
A spreadsheet used to draft an unadjusted trial balance, adjusting entries, adjusted trial balance and financial statements
A temporary account used only in the closing process and to where the balances of revenue and expense accounts are transferred
Entries recorded at the end of each accounting period to transfer end-of-period balances in revenue, expense and dividends accounts to retained earnings
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
A list of permanent accounts and their balances from the ledger after all closing entries are journalized and posted
Analyses and other informal reports prepared by accountants when organizing the information presented in reports and financial statements
Responses:
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