Match Each Account to the Proper Account Description;not All Letters

question 86

Multiple Choice

Match each account to the proper account description;not all letters will be used.
-Retained Earnings

• A)Stocks and bonds of other companies held for the purpose of exercising control.
• B)An accumulation of the sum of the expense since the beginning of the benefit period.
• C)Outside ownership in the equity of consolidated subsidiaries.
• D)Machinery and tools,valued at historical cost.
• E)Monies due because expenses,such as salaries,are incurred in a different period than when the cash outlay occurs.
• F)The most liquid of assets,it may also include savings accounts.
• G)Goods on hand.
• H)A potential liability created by differing tax and reporting methods.
• I)Ownership and debt instruments readily converted to cash.
• J)An expenditure made in advance of the use of the service or good.
• K)Monies due from customers arising from sale or service rendered.
• L)The capital stock of residual owners.
• M)Bonds that can be exchanged for stock at the option of the holder.
• N)Undistributed earnings of the corporation.
• O)Shares of the firm's own stock that have been repurchased.
• P)Monies due for goods bought for use or resale.
• Q)Excess over legal par paid at time of sale.
• R)Nondepreciable real estate.
• S)Collections in advance of service.
• T)Securities that give the holder the right to buy additional shares of common stock at a fixed price.

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Definitions:

Flowers

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A Chinese monk and painter of the Qing Dynasty, known for his innovative landscape paintings and calligraphy.

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A long narrow piece of paper or silk, used in East Asian art for painting and calligraphy, viewed by unrolling horizontally.

Negative Income Tax

A system where individuals earning below a certain amount receive supplemental pay from the government instead of paying taxes.