Matching
Match the description with the accounting terms.
Premises:
Long-term assets that are used in the operation of a business and that are subject to depreciation (except for land, which is not depreciated)
A form used to list the volume and type of goods a firm has in stock
Another term for unearned income
Expenses that are paid for and recorded before they are used, such as rent or insurance
The amounts entered in the Adjusted Trial Balance section of the worksheet
Expense items that relate to the current period but have not yet been paid and do not yet appear in the accounting records
Another term for prepaid expenses
A system of accounting by which all revenues and expenses are matched and reported on financial statements for the applicable period, regardless of when the cash related to the transaction is received or paid
Income that has been earned but not yet received and recorded
The difference between the debit and credit columns of the Income Statement and the debit and credit columns of the Balance Sheet on the worksheet.
Income received before it is earned
Responses:
Accrual basis
Accrued expenses
Accrued income
Deferred expenses
Deferred income
Inventory sheet
Net income or Net loss
Prepaid expenses
Property, plant, and equipment
Unearned income
Updated account balances
Correct Answer:
Premises:
Responses:
Another term for unearned income
Deferred income
A form used to list the volume and type of goods a firm has in stock
Inventory sheet
The amounts entered in the Adjusted Trial Balance section of the worksheet
Updated account balances
Expenses that are paid for and recorded before they are used, such as rent or insurance
Prepaid expenses
Another term for prepaid expenses
Deferred expenses
Expense items that relate to the current period but have not yet been paid and do not yet appear in the accounting records
Accrued expenses
Income that has been earned but not yet received and recorded
Accrued income
A system of accounting by which all revenues and expenses are matched and reported on financial statements for the applicable period, regardless of when the cash related to the transaction is received or paid
Accrual basis
Income received before it is earned
Unearned income
The difference between the debit and credit columns of the Income Statement and the debit and credit columns of the Balance Sheet on the worksheet.
Net income or Net loss
Long-term assets that are used in the operation of a business and that are subject to depreciation (except for land, which is not depreciated)
Property, plant, and equipment
Premises:
Another term for unearned income
A form used to list the volume and type of goods a firm has in stock
The amounts entered in the Adjusted Trial Balance section of the worksheet
Expenses that are paid for and recorded before they are used, such as rent or insurance
Another term for prepaid expenses
Expense items that relate to the current period but have not yet been paid and do not yet appear in the accounting records
Income that has been earned but not yet received and recorded
A system of accounting by which all revenues and expenses are matched and reported on financial statements for the applicable period, regardless of when the cash related to the transaction is received or paid
Income received before it is earned
The difference between the debit and credit columns of the Income Statement and the debit and credit columns of the Balance Sheet on the worksheet.
Long-term assets that are used in the operation of a business and that are subject to depreciation (except for land, which is not depreciated)
Responses:
Deferred income
Inventory sheet
Updated account balances
Prepaid expenses
Deferred expenses
Accrued expenses
Accrued income
Accrual basis
Unearned income
Net income or Net loss
Property, plant, and equipment
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