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Hi, starting accounting in September and just wanted to get a go on it!?


I put my answers how am I doing?
Match the following terms with the appropriate definition.
(a) Plant and equipment
(b) Owner's equity
(c) Classified balance sheet
(d) Intangible assets
(e) Income summary
(f) Closing entries
(g) Current liabilities
(h) Long-term investments
(i) Current assets
(j) Unclassified balance sheet

__B_ (1) Journal entries recorded at the end of each accounting period that transfer the end-of-period balances in revenue, expense, and withdrawals accounts to the permanent owner's capital account in order to prepare for the upcoming period and update the owner's capital account for the events of the period just finished.
____D _ (2) Cash or other assets that are expected to be sold, collected, or used within the longer of one year or the company's operating cycle.
___ F__ (3) A temporary account used only in the closing process.
___C__ (4) A balance sheet that broadly groups the assets, liabilities, and owner's equity.
Right?

___C__ (4) A balance sheet that broadly groups the assets, liabilities, and owner's equity.
___I (5) Tangible long-lived assets used to produce or sell products and services.
___A__ (6) The owner's claim on the assets of a company.
____E_ (7) Obligations that are due to be paid within the longer of one year or the operating cycle of a business.
___H__ (8) Assets such as notes receivable or investments in stocks which are held for more than one year or the operating cycle of the company.
___G__ (9) Long-term assets used to produce or sell products or services; these assets lack physical form and their benefits are uncertain.
____J_ (10) A balance sheet that presents the assets and liabilities in relevant subgroups.

This looks like a pretest. You're just starting out, so reading the chapters will help you a lot. I started to list off the ones that were wrong, but it's easier to list the ones that are right:

(8) H

I encourage you to read chapter 1 (and 2) in your text and then attempt to answer the questions again.

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