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:
The ratio of total liabilities to total assets; used to reflect the risk associated with the company's debts
A list of accounts and their balances at a point in time; the total debit balances should equal the total credit balances
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 list of all accounts used by a company and the identification number assigned to each account
The difference between total debits and total credits for an account including the beginning balance
A complete record of all transactions in one place that shows debits and credits for each transaction
An account with debit and credit columns for recording entries and a third column for showing the balance of the account after each entry
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
Responses:
Journal
Trial balance
Chart of accounts
Account balance
Balance column account
Note payable
Debt ratio
Ledger
Credit
Debit
Correct Answer:
Premises:
Responses:
The ratio of total liabilities to total assets; used to reflect the risk associated with the company's debts
A list of accounts and their balances at a point in time; the total debit balances should equal the total credit balances
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 list of all accounts used by a company and the identification number assigned to each account
The difference between total debits and total credits for an account including the beginning balance
A complete record of all transactions in one place that shows debits and credits for each transaction
An account with debit and credit columns for recording entries and a third column for showing the balance of the account after each entry
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
Premises:
The ratio of total liabilities to total assets; used to reflect the risk associated with the company's debts
A list of accounts and their balances at a point in time; the total debit balances should equal the total credit balances
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 list of all accounts used by a company and the identification number assigned to each account
The difference between total debits and total credits for an account including the beginning balance
A complete record of all transactions in one place that shows debits and credits for each transaction
An account with debit and credit columns for recording entries and a third column for showing the balance of the account after each entry
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
Responses:
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