Match the Terms That Follow with the Correct Definitions

question 48

Multiple Choice

Match the terms that follow with the correct definitions.
-Accounts that belong to only one fiscal year and are closed out at the end of each fiscal year

• 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:

Conditional Contracts

Legal agreements that require certain conditions to be met before they are fully enforceable.

Quasi-Contract

A court-imposed contractual obligation to prevent unjust enrichment.

Injustice

A situation or action that is perceived as unfairly treating a person or group, violating their rights or moral principles.

Enforceable Contract

A legal agreement that is binding and can be upheld in court due to its fulfilment of necessary legal conditions.