ASAP BEEF EXPLAINATION / CORRECT ANSWERS ONLY THANKS

1/2 EVALUATION -3 A. Match the letter with the definition that corresponds to the following terms: (Modified from Basic Accounting, Valencia & Roxas) 1. Accounting System C. A record used to classify and summarize the effects of transactions. 2. Debit D. An entry on the right side of an account. 3. Credit E. A record used as the basis for analyzing and recording transactions. Examples include 4. Transactions invoices, check stubs, and receipts. F. A collection of accounts maintained by a 5. Double-Entry Accounting business. 6. Journal Entry G. Procedures used for analyzing, recording. classifying, and summarizing the information to 7. Journals be presented in accounting reports. 8. Accounting Process (or cycle) H. An entry on the left side of an account. 9. Special Journals 1. Procedures and methods used, including data processing equipment, to collect and report 10. General Journal accounting data. J. An accounting record used to record all 11. Account business activities for which a special journal is not maintained 12. Ledger K. The process of summarizing transactions by transferring amounts from the journals to the 13. Posting ledger accounts. 14. General Ledger L. The grouping of supporting accounts that in total equal the balance of a control account in 15. Subsidiary Ledgers the general ledger. M. The general ledger account that summarizes the detailed information in a subsidiary ledger A. Exchanges of goods or services between/among two or more entities or some other event having an economic impact on a business enterprise. B. An accounting record used to list a particular type of frequently recurring transaction