Match the Terms with the Definitions

question 96

Multiple Choice

Match the terms with the definitions.

-Bringing various items of information together to determine a result.

• A) accountant
• B) accounting
• C) accounting derk
• D) analyzing
• E) auditing
• F) bookkeeper
• G) budgeting
• H) Certified Public Accountant
• I) classifying
• J)controller
• K) corporation
• L) cost accounting
• M) financial accounting
• N) generally accepted accounting principles
• O) internal auditing
• P) interpreting
• Q) manufacturing business
• R) merchandising business
• S) para-accountant
• T) partnership
• U) recording
• V) reporting
• W) service business
• X) sole proprietorship
• Y) summarizing
• Z) tax accounting

Understand how to prepare adjusting entries for prepaid expenses.

Comprehend the adjustment process for unearned revenues.

Understand how to calculate and record depreciation expense using the straight-line method.

Grasp the impact of failing to record adjusting entries on financial statements.

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Definitions:

Homestead Act

A U.S. law enacted in 1862 that provided 160 acres of public land free of charge to any adult who completed five years of continuous residence and cultivation on the land.

Public Land

Land owned by the government rather than private individuals, often designated for public use, conservation, or as government facilities.

Western Settlement

The expansion and colonization of areas in North America by European settlers, primarily in the 19th century, moving westward.

Non-War-Related Legislation

Laws and regulations passed by a legislative body that deal with matters outside of military conflict or national defense issues.