Solved

Match Term to Its Definition

Question 115

Matching

Match term to its definition

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

Correct Answer:

Unearned revenues
Chart of accounts
Note receivable
Posting reference column
Posting
Trial Balance
Compound journal entry
Account
T-account
General journal
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