Matching
Match the term and the explanation.There are more explanations than terms
Premises:
Posting
Journal entry
T-account
Chart of accounts
Debit
Cost principle
Credit
Duality of effects
Conservatism
Responses:
The concept that a company must keep separate accounts by time period.
A journal entry that lowers the balance of the account.
When a company's balance sheet has been verified by an outside auditor.
Compares balance sheet items from two different time periods.
Assets and liabilities are initially recorded at their original cost to the company.
When a dollar value is assigned to an item recorded in the accounting system.
The mechanism used to record each transaction in the General Journal.
A simplified version of an account in the General Ledger.
When journal entries are copied to the appropriate T-account.
A summary of account names and numbers.
An entry that is posted on the right side of a T-account.
The principle that a company should use the least optimistic measure,when uncertainty exists.
The concept that any transaction must have at least two effects on the accounting equation.
A balance sheet where assets appear on the top,liabilities in the middle and shareholders' equity appears on the bottom.
A journal entry that raises the balance of the account.
An entry that is posted on the left side of a T-account or ledger.
Correct Answer:
Premises:
Responses:
The concept that a company must keep separate accounts by time period.
A journal entry that lowers the balance of the account.
When a company's balance sheet has been verified by an outside auditor.
Compares balance sheet items from two different time periods.
Assets and liabilities are initially recorded at their original cost to the company.
When a dollar value is assigned to an item recorded in the accounting system.
The mechanism used to record each transaction in the General Journal.
A simplified version of an account in the General Ledger.
When journal entries are copied to the appropriate T-account.
A summary of account names and numbers.
An entry that is posted on the right side of a T-account.
The principle that a company should use the least optimistic measure,when uncertainty exists.
The concept that any transaction must have at least two effects on the accounting equation.
A balance sheet where assets appear on the top,liabilities in the middle and shareholders' equity appears on the bottom.
A journal entry that raises the balance of the account.
An entry that is posted on the left side of a T-account or ledger.
Premises:
The concept that a company must keep separate accounts by time period.
A journal entry that lowers the balance of the account.
When a company's balance sheet has been verified by an outside auditor.
Compares balance sheet items from two different time periods.
Assets and liabilities are initially recorded at their original cost to the company.
When a dollar value is assigned to an item recorded in the accounting system.
The mechanism used to record each transaction in the General Journal.
A simplified version of an account in the General Ledger.
When journal entries are copied to the appropriate T-account.
A summary of account names and numbers.
An entry that is posted on the right side of a T-account.
The principle that a company should use the least optimistic measure,when uncertainty exists.
The concept that any transaction must have at least two effects on the accounting equation.
A balance sheet where assets appear on the top,liabilities in the middle and shareholders' equity appears on the bottom.
A journal entry that raises the balance of the account.
An entry that is posted on the left side of a T-account or ledger.
Responses:
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