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Match Term to Its Definition

Question 229

Question 229

Matching

Match term to its definition

Premises:

Responses:

Balance column account

The sources of accounting information.

Debt ratio

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

Account balance

A file containing all accounts of a company and their balances

Chart of accounts

A complete record of all transactions in one place that shows debits and credits for each transaction

Ledger

The ratio of total liabilities to total assets; used to reflect the risk associated with the company's debts

Journal

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

Note payable

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

Trial balance

A decrease in an asset, dividend and expense account and an increase in a liability, common stock and revenue account; recorded on the right side of a T-account

Credit

The difference between total debits and total credits for an account including the beginning balance

Debit

An account with debit and credit columns for recording entries and a third column for showing the balance of the account after each entry

Premises:

Balance column account

Debt ratio

Account balance

Chart of accounts

Ledger

Journal

Note payable

Trial balance

Credit

Debit

Responses:

The sources of accounting information.

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

A file containing all accounts of a company and their balances

A complete record of all transactions in one place that shows debits and credits for each transaction

The ratio of total liabilities to total assets; used to reflect the risk associated with the company's debts

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

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

A decrease in an asset, dividend and expense account and an increase in a liability, common stock and revenue account; recorded on the right side of a T-account

The difference between total debits and total credits for an account including the beginning balance

An account with debit and credit columns for recording entries and a third column for showing the balance of the account after each entry

Correct Answer:

Premises:

Responses:

Balance column account

Debt ratio

Account balance

Chart of accounts

Ledger

Journal

Note payable

Trial balance

Credit

Debit

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