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AcctCh2 Test

Enter the letter for the matching Definition
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1.
Owner's capital
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2.
Debtors
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3.
Account balance
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4.
Double-entry accounting
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5.
T-account
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6.
Debit
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7.
Journal
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8.
Journalizing
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9.
Compound journal entry
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10.
Posting reference (PR) column
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11.
General Journal
A.
A record of the debits and credits of transactions; can be used to record any transaction.
B.
The difference between the increases (including the beginning balance) and decreases in an account.
C.
An accounting system in which each transaction affects at least two accounts and has at least one debit and one credit.
D.
A journal entry that affects at least three accounts.
E.
A record where transactions are recorded before they are posted to ledger accounts; also called book of original entry.
F.
Process of recording transactions in a journal.
G.
An account form used as a tool to show the effects of transactions and events on specific accounts.
H.
The process of transferring journal entry information to the ledger.
I.
Customers and others who owe a company.
J.
Account showing the owner's claim on company assets; equals owner investments plus net income (or less net losses) minus owner withdrawals since the company's inception; also referred to as equity.
K.
Recorded on the left side; an entry that increases asset and expense accounts, and decreases liability, equity, and revenue accounts.
Type the Term that corresponds to the displayed Definition.
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12.
A list of accounts and their balances at a point in time; total debt balances equal total credit balances.
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13.
Another name for business papers; these documents are the source of information for accounting entries and can be in either paper or electronic form.
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14.
A ratio of total liabilities to total assets; used to describe risk associated with a company's debts.
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15.
A list of accounts used by a company that includes an identification number for each account.
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16.
A location within an accounting system where increases and decreases in a specific asset, liability, equity, revenue, or expense are recorded and stored.
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17.
An account with debit and credit columns for recording entries and another column for showing the balance of the account after each entry.
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18.
Record containing all accounts of a business.
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19.
Recorded on the right side; an entry that decreases asset and expense accounts, or increases liability, equity, and revenue accounts.
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20.
Individuals or organizations entitled to receive payments from a company.
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21.
Liabilities created by advance cash payments from customers for products or service; revenues are earned when the products or services are delivered in the future.

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