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Match the Following Terms and Definitions

Question 98

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Match the following terms and definitions

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The sources of accounting information.

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.

Account

The process of transferring journal entry information to the ledger.

Ledger

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.

Source documents

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

Accounting records

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

Debit

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

Posting

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

Double-entry accounting

Another name for the accounting books or simply the books.