Question

match the lettered definition with the vocab word

a. Expenses paid in cash before they are used or consumed. choose the accounting concept

b. The difference between the cost of a depreciable asset and its related accumulated depreciation.

choose the accounting concept

c. A list of accounts and their balances after all adjustments have been made.

choose the accounting concept

d. Entries made at the end of an accounting period to ensure that the revenue

recognition and expense recognition principles are followed.

choose the accounting concept

e. Entries at the end of an accounting period to transfer the balances of temporary accounts

to a permanent stockholders’ equity account, Retained Earnings.

choose the accounting concept

f. Revenue, expense, and dividend accounts whose balances a company transfers

to Retained Earnings at the end of an accounting period.

choose the accounting concept

g. The planned timing of revenues, expenses, gains, and losses to smooth out bumps in net income.

choose the accounting concept

h. An account that is offset against an asset account on the balance sheet.

choose the accounting concept

i. A temporary account used in closing revenue and expense accounts.

choose the accounting concept

j. Balance sheet accounts whose balances are carried forward to the next accounting period.

choose the accounting concept

k. The process of allocating the cost of an asset to expense over its useful life.

Earnings management Adjusting entries Adjusted trial balance Book value Permanent accounts Temporary accounts Prepaid expenses (prepayments) Closing entries Income Summary Contra asset account Depreciation

Answer 1

A- prepaid expenses

B - Book value

C - adjusted trial balance

D - adjusted entry

E - Temporary Account

F - income summary

G - Earning managemen

H - Contra Asset account

I- closing entry

J - permanent Account

K - Depreciation