Match the Terms That Follow with the Correct Definitions

question 20

Multiple Choice

Match the terms that follow with the correct definitions.
-Process in which preparing the post-closing trial balance is the last step

• 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:

Educational Qualifications

Certifications or degrees earned through formal schooling and training, signifying levels of education or specialization.

Delegation of Duties

The act of transferring responsibility for specific tasks or functions from one person to another within an organization or group.

Restatement (Second) of Torts

A legal document summarizing the general principles of American tort law, serving as a guide for judges and lawyers.

Common Law Negligence

A legal concept that holds individuals liable for harm caused by their failure to act as a reasonably prudent person would under similar circumstances.