Match the terms that follow with the correct definitions.
-Process in which preparing the post-closing trial balance is the last step
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 accounting cycle is a series of steps starting with recording business transactions and leading up to the preparation of financial statements. This process ends with the preparation of the post-closing trial balance to ensure that debits equal credits.

Match the Terms That Follow with the Correct Definitions