For each of the definitions, write the letter of the appropriate term in the space provided. 1
Question:
For each of the definitions, write the letter of the appropriate term in the space provided.
1 A pictorial representation of data that can be produced by the computer and depicted on the screen and printer.
2 A tab used to enter and post general journal entries and to make corrections or delete existing journal entries.
3 The process of updating the ledger accounts with all debits and credits affecting each account.
4 A display or printout that is useful in detecting errors and verifying the equality of debits and credits.
5 The process of adding new accounts, changing titles of existing accounts, and deleting inactive accounts from the chart of accounts.
6 A financial statement used to show the changes that have occurred to the owner’s equity during the fiscal period.
7 A financial statement that provides information on the net income or net loss of a business over a period of time.
8 A financial statement that provides information on the overall financial strength of a business.
9 A value that represents a percent of total operating revenue.
10 The process that involves all accounting activities, beginning with entering transactions and ending with closing.
11 A regular interval of time for which a business analyzes its financial information.
12 A record of the debit and credit parts of each transaction recorded in date sequence.
13 Changes entered into the computer to update general ledger accounts at the end of a fiscal period.
14 Journal entries automatically generated by the computer that close all temporary income statement accounts to the income summary account, close the income summary account to the capital account, and close the drawing account to the capital account.
15 A report produced after the period-end closing procedure is completed to verify that debits equal credits in the general ledger accounts.
16 A report that reconciles the bank statement balance with the checkbook balance.
Step by Step Answer:
