Match the Terms with the Definitions

question 14

Multiple Choice

Match the terms with the definitions.
-Obligations that are due within either one year or the normal operating cycle of the business,whichever is longer,and that are to be paid out of current assets.

• A)account form of balance sheet
• B)accounting cycle
• C)classified balance sheet
• D)closing process
• E)current assets
• F)current liabilities
• G)Income Summary
• H)long-term liabilities
• I)operating cycle
• J)permanent accounts
• K)post-closing trial balance
• L)property, plant, and equipment
• M)report form of balance sheet
• N)temporary accounts

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Definitions:

Good Title

The legal right to own, use, or sell a piece of property or asset, free from claims or liens by others.

Stolen Vehicle

A vehicle that has been taken without the owner’s permission, often involved in criminal activities.

Goods-In-Bailment Contract

A legal agreement where personal property is transferred into the possession of another for a specific purpose, but ownership is not transferred.

Negotiable Document

A legal document guaranteeing the payment of a specific amount of money, either on demand or at a set time, with the property it represents being transferable from one person to another.