Financial Accounting 362
Match the items below by entering the appropriate letter in
the space.
1. Partnership
2. Liabilities
3. Revenues
4. General
ledger
5. Matching
principle
6. Unearned
revenues
7. Income
summary
8. Intangible
assets
9. Freight-out
10. Sales
returns and allowances
A. A
liability created when cash is received in advance of performing a service for
a customer.
B. Freight
costs incurred by the seller.
C. Noncurrent
resources that do not have a physical substance.
D. An
economic entity which is not a separate legal entity.
E. A
contra-revenue account.
F. The
matching of efforts (expenses) with accomplishments (revenues).
G. Creditors’
claims on total assets.
H. A
temporary account used in closing revenue and expense accounts.
I. Contains
all asset, liability, and stock- holders’ equity accounts.
J. Gross
increases in stockholders’ equity resulting from business activities entered
into for the purpose of earning income.
