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Question1: Match the following terms with the appropriate definition (a) Sales journal (b) Controlling account (c) Cost-benefit standard (d) Cash receipts journal (e) Schedule of
Question1: Match the following terms with the appropriate definition (a) Sales journal (b) Controlling account (c) Cost-benefit standard (d) Cash receipts journal (e) Schedule of accounts payable (f) Compatibility standard (g) Special journal (h) Purchases journal (1) The special journal that is used to record all receipts of cash (2) An information system principle requiring that an accounting information system conform with a company's activities, personnel, and structure. (3) An information system principle requiring that the benefits from an activity in an n system outweigh the costs of that activity. (4) A journal that is used to record all purchases on credit. (5) A journal used to record sales of merchandise on credit. (6) Any journal that is used for recording and posting transactions of a similar type. (7) A general ledger account the balance of which (after posting) equals the sum of the balances of the accounts in a related subsidiary ledger. (8) A list of the balances of all the accounts in the accounts payable ledger that is summed to show the total amount of accounts payable outstanding
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