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Provided Below Is a List of Definitions and Terms

Question 183

Matching

Provided below is a list of definitions and terms. Match them by placing the letter that identifies the best definition

Premises:

Responses:

Compound journal entry

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

General journal

A written promise from a customer to pay a definite sum of money on a specified future date.

Posting

Represents a ledger account and is used to show the effects of transactions.

Account

A journal entry that affects at least three accounts.

Chart of accounts

The process of transferring journal entry information to the ledger.

Posting reference column

A column in journals where individual account numbers are entered when entries are posted to ledger accounts.

Unearned revenues

A list of accounts and their balances; the total debit balances should equal the total credit balances.

Note receivable

A list of all accounts used by a company and the identification number assigned to each account.

T-account

Liabilities created when customers pay in advance for services not yet performed.

Trial Balance

The most flexible type of journal, it can be used to record any kind of transaction.

Premises:

Compound journal entry

General journal

Posting

Account

Chart of accounts

Posting reference column

Unearned revenues

Note receivable

T-account

Trial Balance

Responses:

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

A written promise from a customer to pay a definite sum of money on a specified future date.

Represents a ledger account and is used to show the effects of transactions.

A journal entry that affects at least three accounts.

The process of transferring journal entry information to the ledger.

A column in journals where individual account numbers are entered when entries are posted to ledger accounts.

A list of accounts and their balances; the total debit balances should equal the total credit balances.

A list of all accounts used by a company and the identification number assigned to each account.

Liabilities created when customers pay in advance for services not yet performed.

The most flexible type of journal, it can be used to record any kind of transaction.

Correct Answer:

Premises:

Responses:

Compound journal entry

General journal

Posting

Account

Chart of accounts

Posting reference column

Unearned revenues

Note receivable

T-account

Trial Balance