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Match the term with the correct definition Accounting Cycle Classified Balance Sheet Closing entries Closing process Current assets v Current liabilities Income Summary Long-term liabilities Long-term investments Operating cycle Permanent accounts Temporary accounts Post-Close Trial Balance Intangible Assets Plant assets a. Examples are patents, trademarks, copyrights and franchises, b. Begins with sh used to purchase merchandise and ends when cash is received from the sale of the merchandise Financial statement that divides line items into current, long- term and other classifications d. Accounts with balances zeroed out during the close process e. The complete process of collecting information, journaling, posting, preparing financial statements and closing the books 1. Examples are mortgages, bonds payable and notes payable with a due date beyond the next 12 months g. Entries that transfer the ending balances of revenue, expense and withdrawing accounts to the capital account h. Examples are cash, short-term investments, accounts receivable and prepaid expenses Examples are stocks and bonds expected to be held for more than 12 months or the business' operating cycle, whichever is longer J. Examples are accounts payable, wages payable, taxes payable, interest payable, and unearned revenues. k Examples include equipment, machinery, buildings and, land. 1. Accounts the carry balances from one accounting period to the next m. Report created after the closing entries are posted and ledger balances are updated n. Process that zeros out temporary accounts and prepares the books for the next accounting cycle. o. Used in the close process to zero out the revenue and expense accounts

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