Solved

Match the Following Definitions and Terms by Placing the Letter

Question 250

Question 250

Matching

Match the following definitions and terms by placing the letter that identifies the best
definition in the blank space next to the term.

Premises:

Responses:

Double-entry accounting

A list of accounts and their balances at a point in time.

Credit

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

Journal

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

Debit

A record of the increases and decreases in a specific asset,liability,equity,revenue,or expense item.

Account

An accounting system where each transaction affects and is recorded in at least two accounts; the sum of the debits for each entry must equal the sum of its credits.

Trial balance

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

Posting

The process of transferring journal entry information to the ledger accounts.

Ledger

Identify and describe transactions and events entering the accounting system.

Source documents

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

T-account

A representation of a ledger account used to understand the effects of transactions.

Premises:

Double-entry accounting

Credit

Journal

Debit

Account

Trial balance

Posting

Ledger

Source documents

T-account

Responses:

A list of accounts and their balances at a point in time.

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

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

A record of the increases and decreases in a specific asset,liability,equity,revenue,or expense item.

An accounting system where each transaction affects and is recorded in at least two accounts; the sum of the debits for each entry must equal the sum of its credits.

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

The process of transferring journal entry information to the ledger accounts.

Identify and describe transactions and events entering the accounting system.

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

A representation of a ledger account used to understand the effects of transactions.

Correct Answer:

Premises:

Responses:

Double-entry accounting

Credit

Journal

Debit

Account

Trial balance

Posting

Ledger

Source documents

T-account

Related Questions

Q242: Jackson Brown Footwear had total liabilities of

Q243: A more structured format that is similar

Q243: Funky Music purchased $25,000 of equipment for

Q246: A _ gives a complete chronological record

Q246: You increase the Service Revenue account on

Q248: The_ is found by determining the difference

Q249: The posting process is the link between

Q249: Provided below is a list of definitions

Q250: _is the process of transferring journal entry

Q251: Provided below is a list of definitions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents