Matching
Match the following definitions and terms
Premises:
An increase in an asset, dividend, and expense account and a decrease in a liability, common stock, and revenue account; recorded on the left side of a T-account.
A written promise to pay a definite sum of money on a specified future date.
A file containing all accounts of a company and their balances.
A complete record of all transactions in one place that shows debits and credits for each transaction.
The ratio of total liabilities to total assets; used to reflect the risk associated with the company's debts.
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.
A decrease in an asset, dividend, and expense account and an increase in a liability, common stock, and revenue account; recorded on the right side of a T-account.
The difference between total debits and total credits for an account including the beginning balance.
An account with debit and credit columns for recording entries and a third column for showing the balance of the account after each entry.
Responses:
Balance column account
Debt ratio
Account balance
Chart of accounts
Ledger
Journal
Note payable
Trial balance
Credit
Debit
Correct Answer:
Premises:
Responses:
An increase in an asset, dividend, and expense account and a decrease in a liability, common stock, and revenue account; recorded on the left side of a T-account.
A written promise to pay a definite sum of money on a specified future date.
A file containing all accounts of a company and their balances.
A complete record of all transactions in one place that shows debits and credits for each transaction.
The ratio of total liabilities to total assets; used to reflect the risk associated with the company's debts.
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.
A decrease in an asset, dividend, and expense account and an increase in a liability, common stock, and revenue account; recorded on the right side of a T-account.
The difference between total debits and total credits for an account including the beginning balance.
An account with debit and credit columns for recording entries and a third column for showing the balance of the account after each entry.
Premises:
An increase in an asset, dividend, and expense account and a decrease in a liability, common stock, and revenue account; recorded on the left side of a T-account.
A written promise to pay a definite sum of money on a specified future date.
A file containing all accounts of a company and their balances.
A complete record of all transactions in one place that shows debits and credits for each transaction.
The ratio of total liabilities to total assets; used to reflect the risk associated with the company's debts.
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.
A decrease in an asset, dividend, and expense account and an increase in a liability, common stock, and revenue account; recorded on the right side of a T-account.
The difference between total debits and total credits for an account including the beginning balance.
An account with debit and credit columns for recording entries and a third column for showing the balance of the account after each entry.
Responses:
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