Match the following terms with the appropriate definition.

Question

A. Tangible assets that are long-lived and used to produce or sell products or services.
B. The owners' claims on the assets of a company.
C. Cash and other resources that are expected to be sold, collected, or used within one year or the company's operating cycle, whichever is longer.
D. A balance sheet that organizes the assets and liabilities into important subgroups that provide more information to decision makers.
E. Entries recorded at the end of each accounting period to transfer end-of-period balances in revenue, expense, and dividends accounts to the permanent retained earnings account.
F. A balance sheet that broadly groups items into assets, liabilities and equity.
G. A ratio that is used to help evaluate a company's ability to pay its short-term obligations, calculated by dividing current assets by current liabilities.
H. Assets that are held for more than the longer of one year or the operating cycle of the company and are not used in operations.
I. Obligations due to be paid or settled within one year or the operating cycle of a business, whichever is longer.
J. Long-term resources that benefit business operations, usually lack physical form, and have uncertain benefits.

Answer 1

A. Plant assets
B. Stockholders' equity
C. Current assets
D. Classified balance sheet
E. Closing entries
F. Unclassified balance sheet
G. Current ratio
H. Long-term investments
I. Current liabilities
J. Intangible assets