Match the Term with Its Definition

question 38

Multiple Choice

Match the term with its definition.
-Sales volume at which total sales revenue equals total costs and expenses

• A)aging schedule
• B)bad-debt ratio
• C)break-even analysis
• D)break-even point
• E)contribution margin
• F)elastic demand
• G)elasticity of demand
• H)inelastic demand
• I)price

---

Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts and prepare the company's books for the next period.

Operating Entity

An organization or firm that engages in commercial, industrial, or professional activities.

Owner's Capital Account

An account on a company's balance sheet representing the total investment made by the owner(s), minus any withdrawals.

Financial Statements

Comprehensive reports that provide an overview of a company's financial condition, including balance sheets, income statements, and cash flow statements.