Question

these are the definentions

Question 8 15 pts Match each term with the appropriate definition Contra-amet Carrying value Deferral adjustment ✓ Choose An account that must have a zero balance after closing entries have been made. Lists the balances of all temporary and permanent accounts to provide a check on the equality of the debits and credits. An account that remains on the books year after year When revenue minus expenses is a negative number. Checks that debits equal credits and that all temporary accounts have been closed Converts some of an asset's or a liability's book value into an expense or a revenue. A journal entry that transfers net income or loss to the Retained Earnings account. The amount at which an asset or liability is reported in the financial statements. Adds new values into the balance sheet and income statement accounts. An account that is paired with another account and acts to reduce its book value. A journal entry that corrects the financial statements for revenues earned and expenses incurred When revenue minus expenses is a positive number. The level of profit prior to considering income tax. Choose Closing journal entry Net loss Adjusted trial balance Temporary account Choose . Accrual adjustment Choose Income before income taxes Choose Post closing in balance . Choose

Answer 1

No	Head	Defenition	Explanation/Example
1	Contra Asset	An Account that is paired with another account and acts to reduce its book value	Example:Allowence for accounts recievable
2	Carrying Value	The amount at which an asset or liability reported in the financial statements
3	Defferal Adjustment	Converts some of an assets or a liabilitys book value into an expense or a revanue	To satisfy accrual concept
4	Closing journal entry	A journal entry that transfers net income or loss to retained earnings account	close all temporary and unwanted accounts through closing journal
5	Net loss	When revanue minus expense is a negative number	P&L will show debit balance
6	Adjusted trial balance	Lists the balances of all temporary and permanat accounts to provide a check on the equality of the debits and credits
7	Temporary account	An account must have zero balane after closing entries have been made	These are general ledger accounts
8	Accrual adjustment	A journal entry that corrects the financial statements for revanues earned and expense incurred	it will match the expenses incurred to generate the revanue for a particular period.
9	Income before income taxes	The level of profit prior to considering income tax	Profit after all adjustments but before tax
10	Post closing trial balance	Checks debits equal credits and that all temporary accounts have been closed