Match the Terms with the Definitions

question 73

Multiple Choice

Match the terms with the definitions.
-A balance sheet with separate categories for current assets; property,plant,and equipment; current liabilities; and long-term liabilities.

• A)account form of balance sheet
• B)accounting cycle
• C)classified balance sheet
• D)closing process
• E)current assets
• F)current liabilities
• G)Income Summary
• H)long-term liabilities
• I)operating cycle
• J)permanent accounts
• K)post-closing trial balance
• L)property, plant, and equipment
• M)report form of balance sheet
• N)temporary accounts

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Definitions:

Weighted-Average Method

An inventory costing method that assigns an average cost to each unit of inventory, incorporating all units available for sale.

Processing Department

This refers to a division within a business that handles the processing of materials or information.

Operations

The day-to-day activities necessary for running a company, focused on creating and delivering products or services.

Equivalent Units

A measure used in accounting to express the amount of work done by manufacturers in terms of fully completed output units.