Homework Answers
| It is a collection of all accounts with their activity and balances that exist in a business. | A general ledger |
| It is a book of original entry that includes a chronological record of all transactions that have occurred within a business during a period occurred. | A journal |
| It is a list of each account and its balance at any given time and is used to verify that debits = credits. | A trial balance |
| It is a list of all ledger accounts which exist in a business and includes an identification number assigned to each account | A chart of accounts |
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Match the definition on the left with the term/item on the right. It is a collection...
Question 8 15 pts Match each definition with the appropriate term. [Choose) An account that is...
Question 8 15 pts Match each definition with the appropriate term. [Choose) An account that is paired with another account and acts to reduce its book value. [Choose The amount at which an asset or liability is reported in the financial statements. Converts some of an asset's or a liability's book value into an expense or a revenue. [Choose [Choose] A journal entry that transfers net income or loss to the Retained Earnings account When revenue minus expenses is a...
1. Match the accounting terms with the corresponding definitions. (Click the icon to view the accounting...
1. Match the accounting terms with the corresponding definitions. (Click the icon to view the accounting terms.) a. (2) b. A detailed record of all increases and decreases that have occurred in a particular asset, liability, or equity during a period The record holding all the accounts of a business, the changes in those accounts, and their balances A journal entry that is characterized by having multiple debits and/or multiple credits A record of transactions in date order Left side...
Question 8 15 pts Match each definition with the appropriate term. An account that is paired...
Question 8 15 pts Match each definition with the appropriate term. An account that is paired with another account and acts to reduce.its book value. Choose) [Choose1 The amount at which an asset or liability is reported in the financial statements. Converts some of an asset's or a liability's book value into an expense or a revenue A journal entry that transfers net income or loss to the Retained Earnings account [ Choose ] Deferral adjustment Income before income taxes...
Exercise 2-3 Identifying a ledger and chart of accounts LO C3 Select the item that best...
Exercise 2-3 Identifying a ledger and chart of accounts LO C3 Select the item that best completes each of the descriptions below. eBook C a Increases and decreases in a specific asset. liability, equity revenue or expense are recorded in an b. A(n) such as a sales receipt is reable evidence of a transaction and its amount A of accounts is a list of all accounts a company uses not including account balances d Ant has a complete record of...
these are the definentions Question 8 15 pts Match each term with the appropriate definition Contra-amet...
these are the definentions
Question 8 15 pts Match each term with the appropriate definition Contra-amet Carrying value Deferral adjustment ✓ Choose An account that must have a zero balance after closing entries have been made. Lists the balances of all temporary and permanent accounts to provide a check on the equality of the debits and credits. An account that remains on the books year after year When revenue minus expenses is a negative number. Checks that debits equal credits...
Match each term with its definition. Internal transactions 2 Chart of accounts 3 Accounts 4 External...
Match each term with its definition. Internal transactions 2 Chart of accounts 3 Accounts 4 External transactions 5 Accounting cycle Match each of the options above to the items below. A list of all account names used to record transactions of a company 1 Events that affect the financial position of the company but do not include an exchange with a separate economic entity Full set of procedures used to accomplish the measurement/communication process of financial accounting. Match each of...
tlons: Match each of the statements below with its proper terms may not be used Some...
tlons: Match each of the statements below with its proper terms may not be used Some A. account B. assets C. balance of the account D. chart of accounts E. credits F. debits G. double-entry accounting H. drawing O. liabilities P. materiality concept Q. objectivity concept R. owner's equity S. posting T. revenues U. slide V. T account W. transposition X. trial balance J. horizontal analysis K. journal L. journal entry M. jounalizing Y. two-column journal Z uneaned revenue AA....
Match Terms PART IV TABLE COMPLETION (10 Points) Match the following terms with the definitions or...
Match Terms
PART IV TABLE COMPLETION (10 Points) Match the following terms with the definitions or statements listed below. Indicate your answers in the spaces provided. a. b. C. i. Accounting cycle Accounting period Adjusting Book value Cross-referencing General journal g. Posting h. Residual value Slide j. Transposition k. Trial balance Worksheet d. e. f. I. 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...
Exercise 2-2 Identifying and classifying accounts LO C2 Select the item that best completes each of...
Exercise 2-2 Identifying and classifying accounts LO C2 Select the item that best completes each of the descriptions below. a. Accounts Receivable, Prepaid Accounts, Supplies, and Land are examples of accounts are held by a seller and are promises of payment from customers to sellers c. Balance sheet accounts are arranged into general categories d. Ain) is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item are people and organizations that are entitled...
Homework: Chapter 2, Part 1 Score: 0 of 2 pts E2-10 (book/static) 7 of 10 (2...
Homework: Chapter 2, Part 1 Score: 0 of 2 pts E2-10 (book/static) 7 of 10 (2 complete) HW Score: 14.2 Que est Match the accounting terms with the corresponding definitions. (Click the icon to view the accounting terms.) More Info A detailed record of asset, liability, or eq The record holding a v a. ar 1. Posting b. and their balances c. A journal entry that d. A record of transacti e. Left side of a T-acco 3. Debit 4....
Question 8 15 pts Match each definition with the appropriate term. [Choose) An account that is paired with another account and acts to reduce its book value. [Choose The amount at which an asset or liability is reported in the financial statements. Converts some of an asset's or a liability's book value into an expense or a revenue. [Choose [Choose] A journal entry that transfers net income or loss to the Retained Earnings account When revenue minus expenses is a...
1. Match the accounting terms with the corresponding definitions. (Click the icon to view the accounting terms.) a. (2) b. A detailed record of all increases and decreases that have occurred in a particular asset, liability, or equity during a period The record holding all the accounts of a business, the changes in those accounts, and their balances A journal entry that is characterized by having multiple debits and/or multiple credits A record of transactions in date order Left side...
Question 8 15 pts Match each definition with the appropriate term. An account that is paired with another account and acts to reduce.its book value. Choose) [Choose1 The amount at which an asset or liability is reported in the financial statements. Converts some of an asset's or a liability's book value into an expense or a revenue A journal entry that transfers net income or loss to the Retained Earnings account [ Choose ] Deferral adjustment Income before income taxes...
Exercise 2-3 Identifying a ledger and chart of accounts LO C3 Select the item that best completes each of the descriptions below. eBook C a Increases and decreases in a specific asset. liability, equity revenue or expense are recorded in an b. A(n) such as a sales receipt is reable evidence of a transaction and its amount A of accounts is a list of all accounts a company uses not including account balances d Ant has a complete record of...
these are the definentions
Question 8 15 pts Match each term with the appropriate definition Contra-amet Carrying value Deferral adjustment ✓ Choose An account that must have a zero balance after closing entries have been made. Lists the balances of all temporary and permanent accounts to provide a check on the equality of the debits and credits. An account that remains on the books year after year When revenue minus expenses is a negative number. Checks that debits equal credits...
Match each term with its definition. Internal transactions 2 Chart of accounts 3 Accounts 4 External transactions 5 Accounting cycle Match each of the options above to the items below. A list of all account names used to record transactions of a company 1 Events that affect the financial position of the company but do not include an exchange with a separate economic entity Full set of procedures used to accomplish the measurement/communication process of financial accounting. Match each of...
tlons: Match each of the statements below with its proper terms may not be used Some A. account B. assets C. balance of the account D. chart of accounts E. credits F. debits G. double-entry accounting H. drawing O. liabilities P. materiality concept Q. objectivity concept R. owner's equity S. posting T. revenues U. slide V. T account W. transposition X. trial balance J. horizontal analysis K. journal L. journal entry M. jounalizing Y. two-column journal Z uneaned revenue AA....
Match Terms
PART IV TABLE COMPLETION (10 Points) Match the following terms with the definitions or statements listed below. Indicate your answers in the spaces provided. a. b. C. i. Accounting cycle Accounting period Adjusting Book value Cross-referencing General journal g. Posting h. Residual value Slide j. Transposition k. Trial balance Worksheet d. e. f. I. 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...
Exercise 2-2 Identifying and classifying accounts LO C2 Select the item that best completes each of the descriptions below. a. Accounts Receivable, Prepaid Accounts, Supplies, and Land are examples of accounts are held by a seller and are promises of payment from customers to sellers c. Balance sheet accounts are arranged into general categories d. Ain) is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item are people and organizations that are entitled...
Homework: Chapter 2, Part 1 Score: 0 of 2 pts E2-10 (book/static) 7 of 10 (2 complete) HW Score: 14.2 Que est Match the accounting terms with the corresponding definitions. (Click the icon to view the accounting terms.) More Info A detailed record of asset, liability, or eq The record holding a v a. ar 1. Posting b. and their balances c. A journal entry that d. A record of transacti e. Left side of a T-acco 3. Debit 4....
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