Match the terms that follow with the correct definitions.
-List of the final balances of the general ledger after end-of-year procedures
A)Interim statements
B)Closing entries
C)Expenses
D)Real or permanent accounts
E)Drawing account
F)Income Summary
G)Post-closing trial balance
H)Accounting cycle
I)Expense and revenue
J)Temporary-equity accounts

Question

Quizplus · Accepted Answer

The post-closing trial balance is a list of the final balances of the general ledger after end-of-year procedures.

Answer: B 
 Closing entries are the entries made at the end of the accounting period to transfer the balances of temporary-equity accounts (such as revenue and expense accounts) to the permanent accounts (such as retained earnings).

Answer: F 
 The Income Summary is a temporary-equity account used to summarize the revenue and expense account balances after the closing entries have been made.

Answer: D 
 Real or permanent accounts are the accounts on the balance sheet that reflect assets, liabilities, and equity, and are not closed at the end of the accounting period.

Answer: J 
 Temporary-equity accounts include revenue, expense, and drawing accounts, which are used to record transactions that will be closed out at the end of the accounting period.

The other answer choices do not match the given definition.

Match the Terms That Follow with the Correct Definitions