Matching Questions (10 marks).

Match the following definitions and terms by placing the letter that identifies the best definition in the blank space next to the term.

1. The sources of accounting information

Source documents

____

2. A company's record of each transaction in one place that shows debits and credits for each transaction

Debit

____

3. A file containing all accounts of a company and their balances

Posting

____

4. A simple account form used as a helpful tool in showing the effects of transactions and events on specific accounts

Double-entry accounting

____

5. A record of the increases and decreases in a specific asset, liability, equity, revenue, or expense item.

Ledger

____

6. The process of transferring journal entry information to the ledger

Journal

____

7. Decrease in an asset and expense account, and increase in a liability, owner's capital and revenue account; recorded on the right side of a T-account

Account

____

8. An accounting system where each transaction affects and is recorded in at least two accounts; the sum of the debits for each entry must equal its credits.

Credit

____

9. Another name for the accounting books, or simply the books

account

____

10. An increase in an asset and expense account, and decrease in a liability, owner's capital, and revenue account; recorded on the left side of a T-account.

Accounting records

____