Select the One Term That Best Fits Each Definition

Multiple Choice

Select the one term that best fits each definition
-Reporting income when earned and expenses when incurred.

A) accounting system
B) accrual basis of accounting
C) adjusting entries
D) balance sheet
E) chart of accounts
F) closing entries
G) creditor
H) expense
I) posting
J) income statement
K) permanent accounts
L) revenue
M) T account
N) temporary accounts
O) trial balance