Match the accounting term with the corresponding definition. ____ 1. Accumulated depreciation ____ 2. Adjusted trial balance
Question:
____ 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.
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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