Match the Term and the Definition

question 32

Multiple Choice

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

-1 Income before income taxes

• 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.

---

Definitions:

Domestic Political Ramifications

The consequences or effects on a country's internal politics resulting from specific actions, policies, or events.

Republic's Ideology

A set of beliefs and values that emphasizes the welfare of the community over individual interests, supporting a form of government where power resides in elected individuals representing the citizen body.

Social Philosophies

Encompasses the ideologies and beliefs that societies hold, concerning social organization, governance, and relationships among individuals within a community.

Economic Philosophies

The study of how societies use scarce resources to produce valuable commodities and distribute them among different people; encompasses various theories and schools of thought on how economies should be structured and managed.