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157 match the following terms with the appropriate definition 1 adjusted trial balan 4299274

 

157. Match the following terms with the appropriate definition. 

1. Adjusted trial balance 

     A 12 month period that ends when a company's sales activities are at their lowest point. 

   

2. Natural business year 

     A journal entry used at the end of an accounting period to bring an asset or liability account balance to its proper amount and update the related expense or revenue account. 

   

3. Report form balance sheet 

     An account linked with another account and having an opposite normal balance. 

   

4. Contra account 

     The consecutive 12 months (or 52 weeks) selected as the organization's annual accounting period. 

   

5. h Interim financial reports 

     The length of time covered by financial statements. 

   

6. Fiscal year 

     A listing of accounts and balances prepared after adjustments are recorded and posted to the ledger. 

   

7. Unadjusted trial balance 

     A balance sheet that lists items vertically in the order: assets, liabilities and equity. 

   

8. Accounting period 

     A balance sheet that lists assets on the left side and liabilities and equity on the right. 

   

9. Adjusting entry 

     A listing of accounts and balances prepared before adjustments are recorded. 

   

10. Account form balance sheet 

     Financial reports covering less than one year, usually one, three, or six-month periods. 

   

 

158. Match the following types of adjustments (a though d) with the transactions (1 through 4). 

1. Accrued revenue 

     Used to record revenue received in advance. 

   

2. Accrued expense 

     Used to record expiration of prepaid insurance. 

   

3. Prepaid expense 

     Used to record revenue earned but not received. 

   

4. Unearned revenue 

     Used to record wages owed, but not paid. 

   

 

 

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