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Provided Below Is a List of Definitions and Terms

Question 64

Matching

Provided below is a list of definitions and terms. Match the term with defenition.

Premises:

Responses:

Account

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

Unearned revenues

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

Chart of accounts

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

Note receivable

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

T-account

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

Compound journal entry

The process of transferring journal entry information to the ledger.

Trial Balance

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

Posting reference column

A journal entry that affects at least three accounts.

Posting

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

General journal

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

Premises:

Account

Unearned revenues

Chart of accounts

Note receivable

T-account

Compound journal entry

Trial Balance

Posting reference column

Posting

General journal

Responses:

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.

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

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

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

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 item.

A journal entry that affects at least three accounts.

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

Premises:

Responses:

Account

Unearned revenues

Chart of accounts

Note receivable

T-account

Compound journal entry

Trial Balance

Posting reference column

Posting

General journal