Solved

Match the Terms Given Below with the Definitions or Descriptions

Question 236

Matching

Match the terms given below with the definitions or descriptions that follow.

Premises:
Used to record similar types of transactions
The accounting system should accommodate a variety of users and changing information needs
An account in the general ledger that controls a subsidiary ledger
A group of accounts with a common characteristic
The benefits of information must outweigh the cost of providing it
Information must be understandable, relevant, reliable, timely, and accurate
Responses:
Control account
Cost effectiveness
Flexibility
Special journal
Subsidiary ledger
Usefulness

Correct Answer:

Used to record similar types of transactions
The accounting system should accommodate a variety of users and changing information needs
An account in the general ledger that controls a subsidiary ledger
A group of accounts with a common characteristic
The benefits of information must outweigh the cost of providing it
Information must be understandable, relevant, reliable, timely, and accurate
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