Match the terms in Column I with the definitions in Column II. closing entries c
ID: 2344550 • Letter: M
Question
Match the terms in Column I with the definitions in Column II.closing entries
clearing accounts
preparing a trial balance
permanent accounts
corporation
financial accounting
an accounting period
a partnership
accounts payable
management accounting
A.
reporting information to management
B.
the fifth step in the accounting cycle
C.
close temporary account
D.
includes two (or more) people
E.
income summary
F.
reporting information to external users
G.
the period covered by an accounting report
H.
has an identity of its own and is recognized by law
I.
liability
J.
continue from one accounting period to the next
Explanation / Answer
Match the terms in Column I with the definitions in Column II. closing entries C.close temporary account clearing accounts J.continue from one accounting period to the next preparing a trial balance B.the fifth step in the accounting cycle permanent accounts E.income summary corporation H.has an identity of its own and is recognized by law financial accounting F.reporting information to external users an accounting period G.the period covered by an accounting report a partnership D.includes two (or more) people accounts payable I. liability management accounting A.reporting information to management