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Provided Below Is a List of Definitions and Terms

Question 251

Question 251

Matching

Provided below is a list of definitions and terms. Match the term with its correct definition

Premises:

Responses:

Trial balance

An increase in an asset, dividend, and expense account, and a decrease in a liability, common stock, and revenue account recorded on the left side of a T-account.

Note payable

A record of each transaction in one place that shows debits and credits for each transaction.

Account balance

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

Ledger

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

Chart of accounts

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.

Balance column account

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

Journal

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

Debt ratio

A record containing all accounts of a company and their balances.

Credit

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

Debit

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

Premises:

Trial balance

Note payable

Account balance

Ledger

Chart of accounts

Balance column account

Journal

Debt ratio

Credit

Debit

Responses:

An increase in an asset, dividend, and expense account, and a decrease in a liability, common stock, and revenue account recorded on the left side of a T-account.

A record of each transaction 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.

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

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

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

A record containing all accounts of a company and their balances.

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

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

Correct Answer:

Premises:

Responses:

Trial balance

Note payable

Account balance

Ledger

Chart of accounts

Balance column account

Journal

Debt ratio

Credit

Debit

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