Match the Term and the Explanation

question 95

Multiple Choice

Match the term and the explanation.There are more definitions than terms.
-Unadjusted Trial Balance

• A)The concept that expenses should be reported at the same time as the related revenue.
• B)Reported when a company sells goods or services in the ordinary course of business for more than it costs to produce.
• C)A company's policy on when to report revenue in the financial statements.
• D)A ratio that indicates the percent of each revenue dollar that is left over after covering costs and expenses.
• E)Reporting expenses and revenue according to the time the underlying activities occur.
• F)A liability account indicating customers have already paid for services not yet rendered.
• G)The principle that changes in assets must be matched by changes in liabilities and equity.
• H)An indication that a company has already paid a cost not yet incurred.
• I)A list of account balances when the accounts do not yet include all revenues and expenses.
• J)Also known as net assets,this is the value of assets minus liabilities.
• K)Reporting expenses and revenues according to the time the money is paid or received.

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Definitions:

Technologically Feasible

A state in which a new technology has been developed to the point where it is operational and can be reliably produced or implemented.

General Release

A legal agreement whereby one party releases another from any claims or liabilities, often used in settlements or upon the termination of employment.

Innovative Software

Software designed with new, or significantly improved, technologies or methodologies, often offering enhanced functionalities.

Product Sales

Revenues generated from the sale of goods or services in the normal course of a company's operations.