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Match the Following Terms with the Descriptions Below

Question 111

Matching

Match the following terms with the descriptions below.

Premises:

Responses:

The process of recording the appropriate part of a journal entry to the affected account in the ledger.

Contra account

A place where the results of events affecting that item are recorded.

Post-closing trial balance

A time period between financial statements.

Posting

A listing of all general ledger accounts and their respective balances to ensure that debits equal credits.

General journal

A collection of specific asset, liability, and owners' equity accounts.

General ledger

An account with an opposite balance to the normal balance of its associated account.

Accounting cycle

A ledger in a computer-based transaction system.

Journal Entry

A journal in a computer-based transaction system.

Permanent account

The recorded effect of an accounting event.

Master file

The journal used to record both the account(s) to be debited and the accounts(s) to be credited.

Account

An asset, liability, or owners' equity account whose balance is carried over from year to year.

Trial balance

A trial balance prepared after the closing entries have been posted.

Transaction files

Premises:

The process of recording the appropriate part of a journal entry to the affected account in the ledger.

A place where the results of events affecting that item are recorded.

A time period between financial statements.

A listing of all general ledger accounts and their respective balances to ensure that debits equal credits.

A collection of specific asset, liability, and owners' equity accounts.

An account with an opposite balance to the normal balance of its associated account.

A ledger in a computer-based transaction system.

A journal in a computer-based transaction system.

The recorded effect of an accounting event.

The journal used to record both the account(s) to be debited and the accounts(s) to be credited.

An asset, liability, or owners' equity account whose balance is carried over from year to year.

A trial balance prepared after the closing entries have been posted.

Responses:

Contra account

Post-closing trial balance

Posting

General journal

General ledger

Accounting cycle

Journal Entry

Permanent account

Master file

Account

Trial balance

Transaction files

Correct Answer:

Premises:

Responses:

The process of recording the appropriate part of a journal entry to the affected account in the ledger.

A place where the results of events affecting that item are recorded.

A time period between financial statements.

A listing of all general ledger accounts and their respective balances to ensure that debits equal credits.

A collection of specific asset, liability, and owners' equity accounts.

An account with an opposite balance to the normal balance of its associated account.

A ledger in a computer-based transaction system.

A journal in a computer-based transaction system.

The recorded effect of an accounting event.

The journal used to record both the account(s) to be debited and the accounts(s) to be credited.

An asset, liability, or owners' equity account whose balance is carried over from year to year.

A trial balance prepared after the closing entries have been posted.