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Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition by Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt

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EXERCISE 4-10

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)
Closing entries Operating cycle
Correcting entries Permanent (real) accounts
Current assets Post-closing trial balance
Current liabilities Property, plant, and equipment
Income Summary Reversing entry
Intangible assets Stockholders' equity
Liquidity Temporary (nominal) accounts
Long-term investments Worksheet

Instructions

For each item below, enter in the blank the term that is described.

  1. _____________________________________A multiple-column form that may be used in the adjustment process and in preparing financial statements.
  2. _____________________________________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.
  3. _____________________________________A list of permanent accounts and their balances after closing entries have been journalized and posted.
  4. _____________________________________Revenue, expense, and dividend accounts whose balances are transferred to retained earnings at the end of an accounting period.
  5. _____________________________________Accounts whose balances are carried forward to the next accounting period. Balance sheet accounts.
  6. _____________________________________A ...

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