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Match the Following Terms and Definitions

Question 29

Matching

Match the following terms and definitions

Premises:
Unearned revenues
Chart of accounts
Note receivable
Posting reference column
Posting
Trial Balance
Compound journal entry
Account
T-account
General journal
Responses:
The most flexible type of journal, it can be used to record any kind of transaction.
A list of all accounts used by a company and the identification number assigned to each account.
A written promise from a customer to pay a definite sum of money on a specified future date.
A simple form used as a helpful tool in understanding the effect of transactions and events on specific accounts.
Liabilities created when customers pay in advance for products or services; satisfied by delivering the products or services in the future.
A journal entry that affects at least three accounts.
A column in journals where individual account numbers are entered when entries are posted to ledger accounts.
The process of transferring journal entry information to the ledger.
A record of the increases and decreases in a specific asset, liability, equity, revenue, or expense account.
A list of accounts and their balances at a point in time; the total debit balances should equal the total credit balances.

Correct Answer:

Unearned revenues
Chart of accounts
Note receivable
Posting reference column
Posting
Trial Balance
Compound journal entry
Account
T-account
General journal
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