Answer options: Assets, Journalize, Credit, Transaction, Depreciation, Accrural, Debit, Trial Balance, Accounting Equation, Account

NOTE - Each term will correspond to only 1 description. Recording a transaction in chronological order using debit and credit rules. A record of all the increases and decreases to an asset, liability, equity, revenue and expense items. This is maintained in the general ledger. Financial Statements are prepared using the . basis. A list of all the general ledger account balances at the end of an accounting period. This is prepared after all the journal entries are recorded and posted. An event that has a measurable financial impact on the business. Resources a business owns or controls that are expected to provide current and future benefits to the business. Allocation of an asset's cost over it's estimated useful life According to double entry rules, Accounts Payable is decreased by a According to double entry rules, Assets are decreased by a At any given point in time, the total assets of a company add up to the sum of total liabilities and total equity