Match the Terms with the Definitions

question 14

Multiple Choice

Match the terms with the definitions.
-Obligations that are due within either one year or the normal operating cycle of the business,whichever is longer,and that are to be paid out of current assets.

• 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

---

Definitions:

Common Law Rule

A principle based on judicial decisions and customary practices rather than written laws.

Government Agency

An organization that is part of the government and conducts specific activities or services according to legal regulations.

Separation of Powers

A foundational principle of governance in which the state's powers are divided among distinct branches, typically the legislative, executive, and judiciary, to prevent abuse of power.

Federalism

A political system in which power is divided between a central (national) government and regional (state or provincial) governments.