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Provided Below Is a List of Definitions and Terms

Question 250

Question 250

Matching

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

Premises:

Responses:

Ledger

A list of accounts and their balances at a point in time; the total debit balances should equal the total credit balances.

Balance column account

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

Trial balance

A decrease in an asset, dividend, and expense account, and an increase in a liability, common stock and revenue account; recorded on the right side of a T-account.

Debit

The ratio of total liabilities to total assets; used to reflect the risk associated with the company's debts.

Account balance

An account with debit and credit columns for recording entries and another column for showing the balance of the account after each entry.

Journal

A record containing all accounts of a company and their balances.

Chart of accounts

A record of each transaction in one place that shows debits and credits for each transaction.

Debt ratio

The difference between total debits and total credits for an account including the beginning balance.

Credit

An increase in an asset, dividend, and expense account, and a decrease in a liability, common stock, and revenue account; recorded on the left side of a T-account.

Note payable

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

Premises:

Ledger

Balance column account

Trial balance

Debit

Account balance

Journal

Chart of accounts

Debt ratio

Credit

Note payable

Responses:

A list of accounts and their balances at a point in time; 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.

A decrease in an asset, dividend, and expense account, and an increase in a liability, common stock and revenue account; recorded on the right side of a T-account.

The ratio of total liabilities to total assets; used to reflect the risk associated with the company's debts.

An account with debit and credit columns for recording entries and another column for showing the balance of the account after each entry.

A record containing all accounts of a company and their balances.

A record of each transaction in one place that shows debits and credits for each transaction.

The difference between total debits and total credits for an account including the beginning balance.

An increase in an asset, dividend, and expense account, and a decrease in a liability, common stock, and revenue account; recorded on the left side of a T-account.

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

Correct Answer:

Premises:

Responses:

Ledger

Balance column account

Trial balance

Debit

Account balance

Journal

Chart of accounts

Debt ratio

Credit

Note payable

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