Match the Term and the Definition

question 127

Multiple Choice

Match the term and the definition.There are more definitions than terms.

-1 Net loss

• A)When revenue minus expenses is a negative number.
• B)Adds new values into the balance sheet and income statement accounts.
• C)Also known as transportation and storage expense.
• D)An income account that is only open long enough to record one transaction.
• E)The level of profit before considering income tax.
• F)A journal entry that eliminates an account from the chart of accounts.
• G)Lists the balances of all accounts to check that revenues equal expenses.
• H)The amount at which an asset or liability is reported in the financial statements.
• I)An account that is paired with another account whose book value it reduces.
• J)Lists the balances of all accounts to check that debits equal credits.
• K)The number of years that a company has to pay back its loans and other financing.
• L)A journal entry that transfers net income or loss to the retained earnings account.
• M)Converts some of an asset's or liability's book value into an expense or revenue.
• N)When a company lowers the price of a product.
• O)An account that must have a zero balance after closing entries have been made.
• P)The level of revenue a company has before it pays administrative expenses.

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Definitions:

B. F. Skinner

An American psychologist best known for developing the theory of behaviorism and for his work on operant conditioning.

Sigmund Freud

An Austrian neurologist and founder of psychoanalysis, known for his theories on the unconscious mind and psychosexual development.

Arrangement Problem

A situation or task that involves organizing or arranging elements in a particular order or configuration.

Base Rates

Base rates are the general prevalence or frequency of an event, characteristic, or outcome within a given population, used in making statistical predictions and judgments.