Question

Question 8 15 pts Match each definition with the appropriate term. [Choose) An account that is paired with another account and acts to reduce its book value. [Choose The amount at which an asset or liability is reported in the financial statements. Converts some of an asset's or a liability's book value into an expense or a revenue. [Choose [Choose] A journal entry that transfers net income or loss to the Retained Earnings account When revenue minus expenses is a negative number. [Choose ] [Choose Lists the balances of all temporary and permanent accounts to provide a check on the equality of the debits and credits An account that must have a zero balance after closing entries have been made. Choose ] Adds new values into the balance sheet and income statement accounts. [Choose The level of profit prior to considering income tax [Choose Checks that debits equal credits and Choose

Answer 1

1) Depreciation

2)Book value

3)Amortisation

4)Transfer entry/closing entry

5)Net loss

6)Trial Balance

7)Nominal Accounts

8)profit

9)profit before tax

10)double entry/matching concept.