Listed Below Are Ten Terms Followed by a List of Phrases

question 60

Multiple Choice

Listed below are ten terms followed by a list of phrases that describe or characterize five of the terms.Match each phrase with the correct term by placing the letter designating the term in the space provided.
-____ Financial statement that provides a measure of net income.

• A)Accrued expenses
• B)Adjusted trial balance
• C)Adjusting entries
• D)Depreciation expense
• E)Balance sheet
• F)Prepaid expenses
• G)Expenses
• H)Post-closing trial balance
• I)Income statement
• J)Trial balance

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Definitions:

Writing Requirement

A legal principle that certain agreements or contracts must be in writing to be legally binding, especially relevant in real estate transactions and contracts that cannot be performed within one year.

Statute of Frauds

A legal principle that requires certain contracts to be in writing and signed by the parties involved to be enforceable.

Signature Requirement

A legal or regulatory necessity for signatures on documents to validate their authenticity or to indicate agreement to terms.

Statute of Frauds

A rule of law requiring specific kinds of agreements to be documented in writing in order to be legally binding.