Five terms are listed below followed by a list of phrases that describe or characterize each of
Question:
Five terms are listed below followed by a list of phrases that describe or characterize each of the terms. Match each sentence with the correct term.
TERM | PHRASE | number for term that matches the phrase. |
1. Advance payments | Assets or liabilities created when recognition precedes cash flows. | ____ |
2. Post-closing trial balance | Assets or liabilities created when cash flows precede recognition. | ____ |
3. Accruals | A list of accounts and balances that contain the source data for the preparation of financial statements. | ____ |
4. Unadjusted trial balance | A list of accounts and their balances prepared before the effects of internal transactions is recorded. | ____ |
5. Adjusted trial balance | A list of only permanent accounts and their balances prepared to show that the accounting equation is in balance. | ____ |
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill