tra Credit - Word Table Tools Mailings Review View Help Design Layout Tell me what you want to do a. Aalbod AaBbCcDd 1. AaBbel AaBbCcDd AaBb C AaBbcc 1 Answer 1 1 Normal 1 Question 1 No Spac. Heading 1 Heading 2 Paragraph Styles CHAPTER 4 MATCHING (MAX 15 POINTS) Match each term with the appropriate definition or example (A-1). Each definition or example could be used once or not at all. DEFINITIONS/EXAMPLES A) Postponing the reporting of a revenue or expense on the income statement until a later period. B) An example of this is Accumulated Depreciation. Lists the ending balances of all accounts to check that all debits equal credits. This is done before making the financial statements. D) The level of profit prior to considering income tax E) A journal entry that transfers net income or loss to the Retained Earnings account at the end of the year. F) Checks that debits equal credits and that all income statement accounts show a zero balance. G) Also known as book value. Long term assets are reported in the balance sheet at cost less accumulated depreciation H) An example is all income statement accounts. D) When revenue less expenses is a positive number. 3) An example would be a debit to Accounts Receivable and a credit to Sales Revenue. K) When revenue minus expenses is a negative number. L) Current market value of an asset. M) An example would be all balance sheet accounts. ANSWER TERM Contra-asset 1. 2. Carrying value 3. Deferral adjustment Closing journal entry 5. Net loss O co3 - 21 a. AaBbcc AaBbCcDd 1. AaBbcc AaBbc - A 1 Answer 1 Normal 1 Question 1 No Sp 1 YLU. Paragraph : 2 F) Checks that debits equal credits and that all income statement accounts show a zero G) Also known as book value. Long term assets are reported in the balance sheet at cos accumulated depreciation. H) An example is all income statement accounts. 1) When revenue less expenses is a positive number. J) An example would be a debit to Accounts Receivable and a credit to Sales Revenue. K) When revenue minus expenses is a negative number. L) Current market value of an asset. M) An example would be all balance sheet accounts. TERM ANSWER 1. Contra-asset 2. Carrying value 3. Deferral adjustment 4. Closing journal entry 5. Net loss 6. Adjusted trial balance 7. Temporary account 8. Accrual adjustment 9. Income before income taxes 10. Post-closing trial balance