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Match the Following Definitions and Terms by Placing the Letter

Question 163

Matching

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

Premises:

Responses:

Source documents

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.

Debit

An accounting system where each transaction affects and is recorded in at least two accounts; the sum of the debits for each entry must equal the sum of its credits.

Journal

The process of transferring journal entry information to the ledger accounts.

T-account

A record of the increases and decreases in a specific asset, liability, equity, revenue, or expense item.

Posting

A company's record of each transaction in one place that shows debits and credits for each transaction.

Account

A record containing all the accounts of a company and their balances.

Trial balance

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.

Double-entry accounting

A list of accounts and their balances at a point in time.

Ledger

A representation of a ledger account used to understand the effects of transactions.

Credit

Identify and describe transactions and events entering the accounting system.

Premises:

Source documents

Debit

Journal

T-account

Posting

Account

Trial balance

Double-entry accounting

Ledger

Credit

Responses:

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.

An accounting system where each transaction affects and is recorded in at least two accounts; the sum of the debits for each entry must equal the sum of its credits.

The process of transferring journal entry information to the ledger accounts.

A record of the increases and decreases in a specific asset, liability, equity, revenue, or expense item.

A company's record of each transaction in one place that shows debits and credits for each transaction.

A record containing all the accounts of a company and their balances.

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.

A list of accounts and their balances at a point in time.

A representation of a ledger account used to understand the effects of transactions.

Identify and describe transactions and events entering the accounting system.

Correct Answer:

Premises:

Responses:

Source documents

Debit

Journal

T-account

Posting

Account

Trial balance

Double-entry accounting

Ledger

Credit