Match the term and its definition. There are more definition…
Match the term and its definition. There are more definitions than terms. Term ___Contra-Account ___Carrying Value ___Deferral Adjustment ___Closing Journal Entry ___Net Loss ___Adjusted Trial Balance ___Temporary Account ___Accrual Adjustment ___Income Before Income Taxes Definition Also known as balance sheet accounts. Lists the balances of all temporary and permanent accounts to provide a check on the equality of the debits and credits after adjustments are made. Lists the balances of all accounts to check that revenues equal expenses. The amount of profit prior to considering income tax. An account that is paired with another account and reduces its book value. Converts some of an asset’s or a liability’s book value into an expense or a revenue at the end of a period. An account that must have a zero balance after closing entries have been made. Used to record revenue or expenses when they occur prior to receiving or paying cash. The amount at which an asset or liability is reported in the financial statements. Lists the balances of all permanent accounts to check that debits equal credits. A journal entry that transfers net income or loss to the Retained Earnings account. When expenses exceed revenues. Entries made to update existing accounts and record new events.
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