Match the terms below with the correct definitions.
-Business papers supporting transactions
A)Chart of accounts
B)Journalizing
C)General ledger account
D)General ledger
E)Journal
F)Source documents
G)Posting
H)Account number
I)General journal
J)Cost principle

Question

Quizplus · Accepted Answer

Source documents are business papers that support transactions, such as receipts, invoices, and purchase orders.

Answer:E 
 A journal is a chronological record of transactions, where each transaction is listed individually.

Answer:A 
 A chart of accounts is a list of all the accounts used by a business, each of which is assigned a unique account number.

Answer:D 
 The general ledger is a collection of all the accounts used by a business, used to prepare financial statements.

Answer:C 
 A general ledger account is a specific account within the general ledger, used to track transactions related to a specific category.

Answer:G 
 Posting is the process of transferring information from the journal to the general ledger, in order to update the accounts.

Answer:I 
 The general journal is a book of original entry, where all transactions are initially recorded before being transferred to the general ledger.

Answer:H 
 An account number is a unique identifier assigned to a specific account in the chart of accounts.

Answer:J 
 The cost principle is the accounting principle that states that assets should be recorded at their historical cost, rather than their current market value.

Match the Terms Below with the Correct Definitions