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:

Regulatory Capture

A situation where regulatory agencies are dominated by the interests of the industries they are supposed to regulate, rather than serving the public interest.

Special-Interest Effect

The scenario where a small group gains significant benefits from a public policy or action, often at the expense of the larger population.

Lobbyists

Individuals or organizations that attempt to influence governmental policies and decisions in favor of a specific cause or interest they represent.

Bundled Choice

Offering multiple products or services together as a single combined package, often at a reduced price compared to purchasing each item separately.