Solved

Match the Following Definitions and Terms by Placing the Number

Question 51

Matching

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

Premises:

Responses:

Posting

The most flexible type of journal, it can be used to record any kind of transaction.

Chart of accounts

A simple form used as a helpful tool in understanding the effect of transactions and events on specific accounts.

Posting reference column

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

Trial Balance

Liabilities created when customers pay in advance for products or services; satisfied by delivering the products or services in the future.

T-account

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

Account

The process of transferring journal entry information to the ledger.

Compound journal entry

A column in journals where individual account numbers are entered when entries are posted to ledger accounts.

General journal

A journal entry that affects at least three accounts.

Unearned revenues

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

Note receivable

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

Premises:

Posting

Chart of accounts

Posting reference column

Trial Balance

T-account

Account

Compound journal entry

General journal

Unearned revenues

Note receivable

Responses:

The most flexible type of journal, it can be used to record any kind of transaction.

A simple form used as a helpful tool in understanding the effect of transactions and events on specific accounts.

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

Liabilities created when customers pay in advance for products or services; satisfied by delivering the products or services in the future.

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

The process of transferring journal entry information to the ledger.

A column in journals where individual account numbers are entered when entries are posted to ledger accounts.

A journal entry that affects at least three accounts.

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

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

Correct Answer:

Premises:

Responses:

Posting

Chart of accounts

Posting reference column

Trial Balance

T-account

Account

Compound journal entry

General journal

Unearned revenues

Note receivable