Match the Term and the Definition

question 97

Multiple Choice

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

-1 Accrual adjustment

• 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:

Innate Ability

Natural talents or capabilities that an individual is born with, as opposed to skills developed through experience or education.

Language Development

The process by which children come to understand and communicate language during early childhood.

Nature-driven Explanation

An understanding or interpretation based on natural causes or influences, often in contrast to human or artificial factors.

Multiple Languages

The ability or phenomenon of using or understanding more than one language by an individual or within a community.