Match the Following Terms with the Appropriate Definition

question 255

Multiple Choice

Match the following terms with the appropriate definition.
-A balance sheet that lists items vertically in the order of assets,liabilities and equity.

• A)Adjusting entry
• B)Unadjusted trial balance
• C)Prepaid expenses
• D)Natural business year
• E)Accrued expenses
• F)Adjusted trial balance
• G)Report form balance sheet
• H)Accounting period
• I)Profit margin
• J)Contra account

---

Definitions:

Equipment Depreciation

The process of allocating the cost of tangible assets over their useful lives, representing wear and tear on equipment.

Machine-hours

The measurement of the amount of time machines are used in the manufacturing process, rephrased as "The cumulative operational time of machines for production."

Spending Variance

The difference between the budgeted or planned amount of expenditure and the actual amount spent.

Static Planning Budget

A budget based on a fixed level of activity and does not change in response to variations in activity levels, offering a baseline for performance evaluation.