Match the Accounting Terms with the Description by Entering the Proper

question 32

Short Answer

Match the accounting terms with the description by entering the proper letter in the space provided.
A. Closing entries
B. Income Summary account
C. Interpret
D. Post-closing trial balance
________ 1. To understand and explain the meaning and importance of something (such as financial statements)
________ 2. Journal entries that transfer the results of operations (net income or net loss)to owner's equity and reduce the revenue, expense, and drawing account balances to zero
3. A statement that is prepared to prove the equality of total debits and credits after the closing process is completed
________ 4. A special owner's equity account that is used only in the closing process to summarize the results of operations

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Definitions:

Offender Initiation

The act or process by which an individual begins or is introduced into committing offenses or engaging in criminal activities.

Selection

The process of choosing or making a choice from a range of options or candidates, often based on criteria or preferences.

Facilitation

The process of making an action or process easier or more likely to happen, often seen in learning environments, group projects, or therapy sessions.

Vocational Identity

Refers to the degree to which individuals identify with their chosen careers or vocations, integrating this aspect into their overall sense of self.