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Matching Quiz
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Match the following terms and definitions
1


Entries made at the end of every accounting period to report revenues and expenses in the proper period and assets and liabilities at appropriate amounts.

2


Record the effects of each period’s adjustments in a debits-equal-credits format.

3


The amount an asset or liability is reported at (“carried at”) in the financial statements. It is also known as net book value or simply book value.

4


The process of allocating the cost of buildings, vehicles, and equipment to the accounting periods in which they are used; (also referred to as depreciation).

5


An account that is an offset to, or reduction of, another account.

6


A list of all accounts and their adjusted balances to check on the equality of recorded debits and credits.

7


Accounts that track financial results for a limited period of time by having their balances zeroed out at the end of each accounting year.

8


Accounts that track financial results from year to year by carrying their ending balances into the next year.

9


An internal report prepared as the last step in the accounting cycle to check that debits equal credits and all temporary accounts have been closed.

Answer choices for questions 1 through 9
A)Carrying value
B)Contra-account
C)Post-closing trial balance
D)Adjusting journal entries
E)Amortization
F)Permanent accounts
G)Temporary accounts
H)Adjustments
I)Adjusted trial balance





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