Solved

Match the Following Definitions and Terms by Placing the Letter

Question 2

Matching

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

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

Correct Answer:

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