Matching Questions 187. Match the following terms with the appropriate definition. A. Permanent accountsF. Work sheetB. Accounting cycleG. Closing entriesC. Temporary accountsH. Post-closing trial...

Matching Questions

187. Match the following terms with the appropriate definition.

A. Permanent accountsF. Work sheet
B. Accounting cycleG. Closing entries
C. Temporary accountsH. Post-closing trial balance
D. Working papersI. Operating cycle of a business
E. Income summary

____ 1.Various analyses and internal documents prepared by accountants when organizing information for internal and external decision makers.
____ 2. The time span from when cash is used to acquire goods and services until cash is received from the sale of those goods and services.
____ 3. A temporary account only used for the closing process that contains a credit for the sum of all revenues and a debit for the sum of all expenses.
____ 4. A widely used working paper that is a useful tool for preparers in working with accounting information, usually not available to external decision makers..
____ 5. A list of permanent accounts and their balances from the ledger after all closing entries are journalized and posted.
____ 6. Recurring steps in preparing financial statement performed each accounting period, beginning with analyzing transactions andending with a post-closing trial balance or reversing entries.
____ 7. Entries used to transfer end-of-period balances in revenue, expense, and dividends accounts to the permanent retained earnings account.



____ 8. Accounts that report on activities related to one or more future accounting periods; they carry their ending balances into the next period.
____9. Accounts that accumulate data related to one accounting period only; they include income statement accounts, dividends, and the Income Summary account.