Listed Below Are Ten Terms Followed by a List of Phrases

question 26

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.
-____ A list of accounts and their balances prepared before adjusting entries are recorded.

• 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:

Technological Advance

The improvement or development of new methods, devices, or materials that increase efficiency and productivity.

Personal Computers

Electronic devices designed for individual use, capable of executing a wide range of applications, including word processing, internet browsing, and gaming.

General Equilibrium

A condition in an economy where all markets are in equilibrium simultaneously, and there are no external forces causing shifts in supply and demand.

Equilibria

The condition in which all competing influences are balanced in a wide variety of contexts, including economics where supply equals demand.