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Match the Following Definitions and Terms by Placing the Letter

Question 141

Matching

Match the following definitions and terms by placing the letter that identifies the best definition to the term.

Premises:

Responses:

Credit

The sources of accounting information.

Accounting records

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

Double-entry accounting

The process of transferring journal entry information to the ledger.

Posting

Another name for the accounting books, or simply the books.

Account

An increase in an asset and expense account, and decrease in a liability, owner's capital, and revenue account; recorded on the left side of a T-account.

Journal

An accounting system where each transaction affects and 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.

T-account

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

Ledger

Decrease in an asset and expense account, and increase in a liability, owner's capital and revenue account; recorded on the right side of a T-account.

Debit

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

Premises:

Credit

Accounting records

Double-entry accounting

Posting

Account

Journal

Source documents

T-account

Ledger

Debit

Responses:

The sources of accounting information.

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

The process of transferring journal entry information to the ledger.

Another name for the accounting books, or simply the books.

An increase in an asset and expense account, and decrease in a liability, owner's capital, and revenue account; recorded on the left side of a T-account.

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

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 item.

Decrease in an asset and expense account, and increase in a liability, owner's capital and revenue account; recorded on the right side of a T-account.

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

Correct Answer:

Premises:

Responses:

Credit

Accounting records

Double-entry accounting

Posting

Account

Journal

Source documents

T-account

Ledger

Debit