Match the Items Below by Entering the Appropriate Code Letter

question 116

Short Answer

Match the items below by entering the appropriate code letter in the space provided.
A. Worksheet
B. Permanent accounts
C. Closing entries
D. Income Summary
E. Reversing entry
F. Capital Stock
G. Current assets
H. Operating cycle
I. Long-term liabilities
J. Correcting entries
1. Obligations that a company expects to pay after one year.
2. A part of owners' equity in a corporation.
3. An optional tool which facilitates the preparation of financial statements.
4. A temporary account used in the closing process.
5. Balance sheet accounts whose balances are carried forward to the next period.
6. The average time that it takes to go from cash to cash in producing revenues.
7. Entries to correct errors made in recording transactions.
8. The exact opposite of an adjusting entry made in a previous period.
9. Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent owner's equity account.
10. Assets that a company expects to pay or convert to cash or use up within one year.

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Definitions:

Rent-Seeking Behavior

Activities aimed at increasing one's share of existing wealth without creating new wealth, often through manipulating the social or political environment.

Net Social Gain

The total benefit to society from producing and consuming a good or service, taking into account both the private benefits and costs and any external benefits or costs.

Innovation

The process of creating new products, services, processes, or technologies that deliver value to society or the market.

Competition

The rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix.