Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

these are the definentions image text in transcribed
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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Evaluating The Effectiveness On Internal Audit Departments

Authors: W. Steve Albrecht, Keith R. Howe, Dennis R. Schueler, Kevin D. Stocks

1st Edition

089413177X, 978-0894131776

More Books

Students also viewed these Accounting questions