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Provided Below Is a List of Definitions and Terms

Question 176

Matching

Provided below is a list of definitions and terms. Match the term with correct definition.

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

Correct Answer:

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