Match the Terms with the Definitions

question 51

Multiple Choice

Match the terms with the definitions.
-Accounts that do not accumulate information across accounting periods but are closed,such as the drawing account and all income statement 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:

Last Week's Wages

The total amount of compensation paid to employees for their work in the previous week.

Periodic Inventory Method

An accounting method that records inventory purchases and sales periodically, typically at the end of an accounting period.

Repairs Expense

The cost associated with fixing or restoring property, equipment, or machines to their original condition, considered an expense on the income statement.

Store Equipment

Fixed assets like shelves, registers, and computers used in the operation of a retail store.