Solved

Match the Following Definitions and Terms by Placing the Number

Question 222

Matching

Match the following definitions and terms by placing the number that identifies the best definition in the blank space next to the term.

Premises:

Responses:

The process of transferring journal entry information to the ledger

T-account

A simple form used as a helpful tool in understanding the effect of transactions and events on specific accounts

Posting

A written promise from a customer to pay a definite sum of money on a specified future date

Unearned revenues

The most flexible type of journal, it can be used to record any kind of transaction

Chart of accounts

A record of the increases and decreases in a specific asset, liability, equity, revenue or expense item

Account

A journal entry that affects at least three accounts

Posting reference column

A list of all accounts used by a company and the identification number assigned to each account

General journal

Liabilities created when customers pay in advance for products or services; satisfied by delivering the products or services in the future

Compound journal entry

A list of accounts and their balances at a point in time; the total debit balances should equal the total credit balances

Note receivable

A column in journals where individual account numbers are entered when entries are posted to ledger accounts

Trial Balance

Premises:

The process of transferring journal entry information to the ledger

A simple form used as a helpful tool in understanding the effect of transactions and events on specific accounts

A written promise from a customer to pay a definite sum of money on a specified future date

The most flexible type of journal, it can be used to record any kind of transaction

A record of the increases and decreases in a specific asset, liability, equity, revenue or expense item

A journal entry that affects at least three accounts

A list of all accounts used by a company and the identification number assigned to each account

Liabilities created when customers pay in advance for products or services; satisfied by delivering the products or services in the future

A list of accounts and their balances at a point in time; the total debit balances should equal the total credit balances

A column in journals where individual account numbers are entered when entries are posted to ledger accounts

Responses:

T-account

Posting

Unearned revenues

Chart of accounts

Account

Posting reference column

General journal

Compound journal entry

Note receivable

Trial Balance

Correct Answer:

Premises:

Responses:

The process of transferring journal entry information to the ledger

A simple form used as a helpful tool in understanding the effect of transactions and events on specific accounts

A written promise from a customer to pay a definite sum of money on a specified future date

The most flexible type of journal, it can be used to record any kind of transaction

A record of the increases and decreases in a specific asset, liability, equity, revenue or expense item

A journal entry that affects at least three accounts

A list of all accounts used by a company and the identification number assigned to each account

Liabilities created when customers pay in advance for products or services; satisfied by delivering the products or services in the future

A list of accounts and their balances at a point in time; the total debit balances should equal the total credit balances

A column in journals where individual account numbers are entered when entries are posted to ledger accounts