Match the Terms That Follow with the Correct Definitions

question 32

Multiple Choice

Match the terms that follow with the correct definitions.
-Account classifications that are closed into the Income Summary account

• A)Interim statements
• B)Closing entries
• C)Expenses
• D)Real or permanent accounts
• E)Drawing account
• F)Income Summary
• G)Post-closing trial balance
• H)Accounting cycle
• I)Expense and revenue
• J)Temporary-equity accounts

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Definitions:

Mistake In Meaning

A misunderstanding or misinterpretation of terms or conditions in a contract that can affect the validity of the agreement.

Mistake Of Law

A misunderstanding or incorrect interpretation of the law by an individual, which does not generally excuse compliance.

Zoned

Pertains to areas designated for specific uses, such as residential, commercial, or industrial, under local land use regulations.

Voidable

A legal term describing a transaction or action that is valid until annulled by one of the parties involved, usually because of factors like misrepresentation or coercion.