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PARTI MATCHING Match the following terms with the definitions or statements listed below. Indicate your answers in the spaces provided. (20 points total) a. f. b. Accounting period Book value Compound journal entry Cross-referencing Depreciation g. h. C. Fiscal year Posting Slide Transposition Trial balance d. i. e. j. Answer 1. 2. 3. 4. The copying of information from a journal to the ledger. Writing $396 as $936. An entry with one or more debits and/or credits. The period of time for which an income statement is prepared. The twelve month period representing a company's business year. The error that results by adding or deleting zeros in the writing of a number. An informal listing of accounts with their balances to prove debits equal 5. 6. 7. credits 8. Allocating the cost of an asset over time. 9. Cost of equipment less accumulated depreciation. Inserting the account number in the PR column of the ledger and the journal to indicate the source and the destination of the transaction, respectively. 10. PART li MATCHING (20 Points) Match the following terms with the definitions or statements listed below. Indicate your answers in the spaces provided. g. a. b. C. i. Accounting cycle Accounting period Adjusting Book value Cross-referencing General journal Posting h. Residual value Slide Transposition Trial balance Worksheet d. j. e. k. f. 1. Answer 1. A multi-column form used by accountants as an aid in gathering data to complete the accounting cycle. 2. An informal listing of the ledger accounts and their balances that aids in proving the equality of debits and credits. 3. A form used to record business transactions in chronological order. 4. The period of time for which an income statement is prepared. 5. The transferring or copying of information from the journal to the ledger. 6. The error that results in adding or deleting zeros in the writing of a number. 7. Estimated value of an asset after all the allowable depreciation has been taken. 8. The process of calculating the latest up-to-date balance of each account at the end of an accounting period. 9. Cost of equipment less accumulated depreciation. 10. Adding account numbers to the PR columns in the ledger and the journal to indicate the source and destination of each transaction, respectively. PART III MATCHING (20 Points) Match the following terms with the definitions or statements listed below. Indicate your answers in the spaces provided. a. Adjusting journal entries b. Cancelled check c. Closing entries d. Credit memorandum e. Debit memorandum f. Income summary g. Outstanding checks h. Permanent accounts i. Petty cash j. Temporary accounts Answer 1. 2. 3. 4. 5. 6. 7. . Accounts whose balances are carried over to the next period. An increase to the depositor's balance shown on the bank statement A fund that allows payment of small amounts without writing checks. Entries that are prepared to (a) reduce or clear all temporary accounts to a zero balance, and (b) update capital to a new balance. A temporary account in the ledger that summarizes revenue and expenses and transfers its balance (net income or net loss) to capital. A decrease to the depositor's balance shown on the bank statement. A check that is not negotiable. Checks written by the company that were not processed by the bank prior to preparation of the bank statement Accounts whose balances at the end of an accounting period are not carried over to the next accounting period. Journal entries that are needed to update specific ledger accounts to reflect correct balances at the end of an accounting period. 8. 9. 10
