Question
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
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
____
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