Question: Match the accounting term with the corresponding definition 1

Match the accounting term with the corresponding definition.
________ 1. Accumulated depreciation
________ 2. Adjusted trial balance
________ 3. Adjusting entry
________ 4. Book value
________ 5. Contra-account
________ 6. Depreciation
________ 7. Long-term asset
a. An account whose normal balance is opposite that of its companion account.
b. Entry made to assign revenues to the period in which they are earned and expenses to the period incurred.
c. A list of accounts with their adjusted balances.
d. The cumulative sum of all depreciation recorded for an asset.
e. The allocation of a long-term asset's cost to expense over its useful life.
f. The asset's cost less its accumulated depreciation.
g. Long-lived asset used to operate the business.

View Solution:

Sale on SolutionInn
  • CreatedJuly 08, 2015
  • Files Included
Post your question