Match the Terms with the Definitions

question 26

Multiple Choice

Match the terms with the definitions.
-Prepared after posting the closing entries to prove the equality of the debit and credit balances in the general ledger accounts.

• 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:

Perfectly Competitive

A market structure where there are many buyers and sellers, goods are homogeneous, and there is free entry and exit in the market.

Marginal Cost

The boost in overall cost that comes from generating one extra unit of a product or service.

Quantity Effect

The change in quantity demanded or supplied of a product as a result of changes in its price.

Marginal Cost

The expense increase for generating an additional unit of a product or service.