Match each term with its definition by writing the appropriate letter in the space provided Terms Definitions 1. Reversing entry. 2 Operating cycle. 3. Income summary A listing of the accounts and their balances after closing entries have been journalized and posted a. b. Cash and other assets that are reasonably expected to be converted to cash within one year The ability of a company to pay obligations expected to come due withjn the next year 4. Worksheet c. d. e. 5. Property, plant, and equipment. Noncurrent assets that do not have physical substance Entries made when errors are discovered 6. Current liabilities. f. Entries at the end of the accounting period g. Generally investments in stocks and bonds h. The exact reverse of an adjusting entry 7. Intangible assets. that transfer each nominal account to the permanent owner's equity account. 8. Classified balance sheet of other companies normally held for many years. 9. Long-term liabilities. 10. Current assets. 11. Liquidity. 12. Closing entries. i. The average time that it takes to go from j A multi cash to cash in producing revenues. n form that may be used in the adjustment process and in preparing financial statements. k. A balance sheet that contains significan 13. Long-term investments. subgroups 1. An account that is used when makin Post-closing trial balance. closing entries so excessive detail does n occur in the permanen account. 14. 15. Correcting entri m. Obligations expected to be paid after n. Obligations that a company expects to from existing current assets within coming year o. Assets with relatively long useful currently being used in operations