This Question Focuses on the Accounting Cycle and the Accounting $\mathrm { H }$

question 32

Short Answer

This question focuses on the accounting cycle and the accounting model. For each item listed, indicate the best description by entering a capital letter in the space provided. Description A. End-of-period entries to transfer balances of temporary accounts to another account.
B. Income statement accounts.
C. Revenues collected but not earned.
D. Revenues minus expenses.
E. An expense incurred but not recorded nor paid.
F. Ending retained earnings.
G. Statement of financial position accounts.
$\mathrm { H }$ . Entries at the end of the period necessary to measure income.
Item
____ 1. Accrued expense
____ 2. Temporary accounts
____ 3. Closing entries
____ 4. Permanent accounts
____ 5. Adjusting entries
____ 6. Deferred revenues

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Definitions:

Tailor

A tailor is a skilled craftsperson who makes, repairs, or alters clothing professionally, often creating garments to fit individual customers uniquely.

Permanent Accounts

Financial statement accounts whose balances are carried over into the next accounting period.

Temporary Accounts

These include accounts that are closed at the end of each accounting period, including income, expense, and withdrawal accounts.

Carried Forward

The act of transferring a balance from one period to the next on financial statements or ledgers.