Match the Following Terms with the Appropriate Definition

question 100

Short Answer

Match the following terms with the appropriate definition.
A. Permanent accounts F. Work sheet
B. Accounting cycle G. Closing entries
C. Temporary accounts H. Post-closing trial balance
D. Working papers I. Operating cycle of a business
E. Income summary J. Pro forma statements
_____ 1. Various analyses and internal documents prepared by accountants when organizing information for internal and external decision makers.
2. The time span from when cash is used to acquire goods and services until cash is received from the sale of those goods and services.
_____ 3. A temporary account only used for the closing process that contains a credit for the sum of all revenues and a debit for the sum of all expenses.
_____ 4. A widely used working paper that is a useful tool for preparers in working with accounting information, usually not available to external decision makers.
_____ 5. A list of permanent accounts and their balances from the ledger after all closing entries are journalized and posted.
6. Recurring steps in preparing financial statement performed each accounting period, beginning with analyzing transactions and ending with a post-closing trial balance or reversing entries.
_____ 7. Entries used to transfer end-of-period balances in revenue, expense, and withdrawals accounts to the permanent owner's capital account.
_____ 8. Statements that show the effects of proposed transactions as if the transactions had already occurred.
9. Accounts that report on activities related to one or more future accounting periods; they carry their ending balances into the next period.
_____ 10. Accounts that accumulate data related to one accounting period only; they include income statement accounts, withdrawals, and the Income Summary account.

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Definitions:

Undergraduate Students

Individuals enrolled in a college or university program leading to a bachelor's degree.

Standard Error

A statistical measure of the precision for an estimated population mean.

Online Group

A community or assembly of people who interact with each other through the internet, typically within forums, social media platforms, or dedicated apps.

Face-to-face

Direct interaction or communication between people in the same physical space.