Matching
Match the following definitions and terms by placing the number that identifies the best definition in the blank space next to the term.
Premises:
A simple account form used as a helpful tool in showing the effects of transactions and events on specific accounts
A file containing all accounts of a company and their balances
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 company's record of all transactions in one place that shows debits and credits for each transaction
Decrease in an asset, dividend and expense account and increase in a liability, common stock and revenue account; recorded on the right side of a T-account
An accounting system where the impact of each transaction is recorded in at least two accounts; the sum of the debits for each entry must equal its credits
Another name for the accounting books or simply the books
The sources of accounting information.
An increase in an asset, dividend and expense account and decrease in a liability, common stock and revenue account; recorded on the left side of a T-account
Responses:
T-account
Credit
Double-entry accounting
Accounting records
Posting
Ledger
Debit
Source documents
Journal
Account
Correct Answer:
Premises:
Responses:
A simple account form used as a helpful tool in showing the effects of transactions and events on specific accounts
A file containing all accounts of a company and their balances
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 company's record of all transactions in one place that shows debits and credits for each transaction
Decrease in an asset, dividend and expense account and increase in a liability, common stock and revenue account; recorded on the right side of a T-account
An accounting system where the impact of each transaction is recorded in at least two accounts; the sum of the debits for each entry must equal its credits
Another name for the accounting books or simply the books
The sources of accounting information.
An increase in an asset, dividend and expense account and decrease in a liability, common stock and revenue account; recorded on the left side of a T-account
Premises:
A simple account form used as a helpful tool in showing the effects of transactions and events on specific accounts
A file containing all accounts of a company and their balances
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 company's record of all transactions in one place that shows debits and credits for each transaction
Decrease in an asset, dividend and expense account and increase in a liability, common stock and revenue account; recorded on the right side of a T-account
An accounting system where the impact of each transaction is recorded in at least two accounts; the sum of the debits for each entry must equal its credits
Another name for the accounting books or simply the books
The sources of accounting information.
An increase in an asset, dividend and expense account and decrease in a liability, common stock and revenue account; recorded on the left side of a T-account
Responses:
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