Match the Term and Its Definition

question 97

Multiple Choice

Match the term and its definition.There are more definitions than terms.
-Adjusted Trial Balance

• A)Also known as balance sheet accounts.
• B)Lists the balances of all temporary and permanent accounts to provide a check on the equality of the debits and credits.
• C)Lists the balances of all accounts to check that revenues equal expenses.
• D)The level of profit prior to considering income tax.
• E)An account that is paired with another account and acts to reduce its book value.
• F)Converts some of an asset's or a liability's book value into an expense or a revenue.
• G)An account that must have a zero balance after closing entries have been made.
• H)Adds new values into the balance sheet and income statement accounts.
• I)The amount at which an asset or liability is reported in the financial statements.
• J)Lists the balances of all permanent accounts to check that debits equal credits.
• K)A journal entry that transfers net income or loss to the Retained Earnings account.
• L)When revenue minus expenses is a negative number.
• M)Entries made to update existing accounts and record new events.

Identify the impact of adjusting entries on the income statement and balance sheet.

Distinguish between the historical cost, book value, and market value of assets.

Understand the principle of matching revenue with expenses and its effect on net income and financial statements.

Understand the fundamental steps of the innovator's imperative and their significance in the innovation process.

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Definitions:

Process Costing

An accounting method used to evaluate the cost of a production process by assigning costs to sections of the manufacturing process.

Job Order System

A method of assigning costs to specific production batches or jobs and is used in manufacturing industries where customization or unique products are produced.

Cost Of Production Report

A document that details the total cost and production quantities of a product or products over a specified period of time.

Job Cost Cards

Documents used to record and track the costs associated with a specific job or project, aiding in the calculation of profitability and efficiency.