Match the Items Below by Entering the Appropriate Code Letter

question 41

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. Common 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 stockholders' equity account.
10. Assets that a company expects to pay or convert to cash or use up within one year.

---

Definitions:

Glass Ceiling

An invisible barrier in organizations that prevents certain groups, often women and minorities, from advancing beyond a certain level in hierarchy despite qualifications or achievements.

Managerial and Administrative Positions

Roles within organizations focused on overseeing, controlling, and directing the operations and staff.

Women Owned Businesses

Enterprises that are majority-owned and managed by women, highlighting their role in entrepreneurship and economic development.

Employing

The act of hiring individuals to perform specific tasks or jobs in exchange for compensation.