Match the Terms with the Definitions

question 21

Multiple Choice

Match the terms with the definitions.
-Assets that are expected to serve the business for many years.

• 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:

Wage Rate

The standardized amount of compensation received by an employee for performed work per unit of time, typically expressed per hour or year.

Bushel of Corn

A unit of measure for volumes of dry commodities, typically used in the U.S. for agricultural goods like corn, where one bushel equals approximately 56 pounds.

Workers

Individuals engaged in an activity, especially to earn an income.

Equilibrium Market Wage

The wage rate at which the quantity of labor supplied matches the quantity of labor demanded.