Solved

Match the Following Definitions and Terms by Placing the Number

Question 61

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:

Journal

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.

T-account

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.

Source documents

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

Accounting records

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

Posting

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

Debit

The process of transferring journal entry information to the ledger.

Double-entry accounting

The sources of accounting information.

Account

Another name for the accounting books or simply the books.

Ledger

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

Credit

A simple account form used as a helpful tool in showing the effects of transactions and events on specific accounts.

Premises:

Journal

T-account

Source documents

Accounting records

Posting

Debit

Double-entry accounting

Account

Ledger

Credit

Responses:

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.

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 file containing all accounts of a company and their balances.

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

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

The process of transferring journal entry information to the ledger.

The sources of accounting information.

Another name for the accounting books or simply the books.

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

A simple account form used as a helpful tool in showing the effects of transactions and events on specific accounts.

Correct Answer:

Premises:

Responses:

Journal

T-account

Source documents

Accounting records

Posting

Debit

Double-entry accounting

Account

Ledger

Credit