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Match the Description with the Accounting Terms

Question 98

Matching

Match the description with the accounting terms.

Premises:

Responses:

A financial record for entering all types of business transactions; a record of original entry

Accounting cycle

Transferring data from a journal to a ledger

Audit trail

A series of steps performed during each accounting period to classify, record, and summarize data for a business and to produce needed financial information

Balance ledger form

A permanent, classified record of all accounts used in a firm's operation; a record of final entry

Chronological order

Recording transactions in a journal

Compound entry

A ledger account form that shows the balance of the account after each entry is posted

Correcting entry

A journal entry with more than one debit or credit

General journal

Organized in the order in which the events occur

General ledger

A chain of references that makes it possible to trace information, locate errors, and prevent fraud

Journal

A journal entry made to correct an erroneous entry

Journalizing

The record of original entry

Ledger

The record of final entry

Posting

Premises:

A financial record for entering all types of business transactions; a record of original entry

Transferring data from a journal to a ledger

A series of steps performed during each accounting period to classify, record, and summarize data for a business and to produce needed financial information

A permanent, classified record of all accounts used in a firm's operation; a record of final entry

Recording transactions in a journal

A ledger account form that shows the balance of the account after each entry is posted

A journal entry with more than one debit or credit

Organized in the order in which the events occur

A chain of references that makes it possible to trace information, locate errors, and prevent fraud

A journal entry made to correct an erroneous entry

The record of original entry

The record of final entry

Responses:

Accounting cycle

Audit trail

Balance ledger form

Chronological order

Compound entry

Correcting entry

General journal

General ledger

Journal

Journalizing

Ledger

Posting

Correct Answer:

Premises:

Responses:

A financial record for entering all types of business transactions; a record of original entry

Transferring data from a journal to a ledger

A series of steps performed during each accounting period to classify, record, and summarize data for a business and to produce needed financial information

A permanent, classified record of all accounts used in a firm's operation; a record of final entry

Recording transactions in a journal

A ledger account form that shows the balance of the account after each entry is posted

A journal entry with more than one debit or credit

Organized in the order in which the events occur

A chain of references that makes it possible to trace information, locate errors, and prevent fraud

A journal entry made to correct an erroneous entry

The record of original entry

The record of final entry