Purpose: (L.O. 1 thru 7) This exercise will quiz you about terminology used in this chapter.
A list of accounting terms with which you should be familiar appears below:
|Classified balance sheet
||Long-term liabilities (long-term debt)
||Permanent (real) accounts
||Post-closing trial balance
||Property, plant, and equipment
||Temporary (nominal) accounts
For each item below, enter in the blank the term that is described.
- _____________________________________A multiple-column form that may be used in the adjustment process and in preparing financial statements.
- _____________________________________Entries made at the end of an accounting period to transfer the balances of temporary accounts to a permanent stockholders' equity account. For a corporation, the temporary accounts are closed to Retained Earnings.
- _____________________________________A list of permanent accounts and their balances after closing entries have been journalized and posted.
- _____________________________________Revenue, expense, and dividend accounts whose balances are transferred to retained earnings at the end of an accounting period.
- _____________________________________Accounts whose balances are carried forward to the next accounting period. Balance sheet accounts.
- _____________________________________A ...