Match the terms below with the correct definitions.
-Steps in the accounting process, completed during the fiscal year
A)Fiscal year
B)Trade-in value
C)Accrued wages
D)Work sheet
E)Contra account
F)Accounting cycle
G)Mixed accounts
H)Adjusting
I)Depreciation

Question

Quizplus · Accepted Answer

The accounting cycle refers to the steps taken during the fiscal year to complete the accounting process, including recording transactions, preparing financial statements, and adjusting entries.

Answer: A 
 The fiscal year is the 12-month period for which a business or organization prepares its financial statements.

Answer: H 
 Adjusting entries are made at the end of the accounting cycle to ensure that accounts accurately reflect financial transactions and events that occurred during the period.

Answer: I 
 Depreciation refers to the gradual decrease in value of a long-term asset over time, due to wear and tear or obsolescence.

Answer: B 
 Trade-in value is the amount of credit a business may receive when trading in an asset, such as a vehicle, for a new one.

Answer: C 
 Accrued wages refer to unpaid wages that have been earned by employees but have not yet been paid out by the business.

Answer: D 
 A work sheet is a document used during the accounting process to summarize data and prepare financial statements.

Answer: E 
 A contra account is a type of account used in the double-entry accounting system to offset the balance of another account.

Answer: G 
 Mixed accounts are accounts that represent a combination of different types of transactions or events, such as interest earned on investments and service fees charged to customers.

Match the Terms Below with the Correct Definitions