Match the terms below with the correct definitions.
-Inequality of the total debits and credits in the trial balance
A)Trial balance
B)Normal balance
C)Trial balance error
D)Transposition
E)Credit
F)Trial balance account order
G)Footing
H)Debit
I)Compound entry

Question

Quizplus · Accepted Answer

Trial balance error refers to the inequality of the total debits and credits in the trial balance. The trial balance is a list of all the accounts and their balances to ensure that the debits and credits match.

A) Trial balance: A list of all accounts and their balances to ensure that debits and credits match.
B) Normal balance: The balance that an account is expected to have based on its classification (asset, liability, equity, revenue, or expense).
C) Trial balance error: Inequality of the total debits and credits in the trial balance.
D) Transposition: A type of error in which two digits are reversed in a number when recording a transaction.
E) Credit: An entry on the right side of an account, indicating a decrease in assets or an increase in liabilities or equity.
F) Trial balance account order: The order in which accounts are listed on the trial balance, typically starting with assets, followed by liabilities and equity, and then revenue and expenses.
G) Footing: The process of totaling the debits and credits in a column or row of a table or ledger.
H) Debit: An entry on the left side of an account, indicating an increase in assets or a decrease in liabilities or equity.
I) Compound entry: A type of journal entry in which there are multiple debits or credits, or both, in a single transaction.

Match the Terms Below with the Correct Definitions