Matching Questions
163.Match the following terms with the appropriate definitions.
1. The process of transferring journal entry information to the ledger accounts.
2. A company's chronological record of each transaction in one place that shows debits and credits for each transaction.
3. 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 the sum of its credits.
4. A list of accounts and their balances at a point in time.
5. A representation of a ledger account used to understand the effects of transactions.
6. A record containing all the accounts of a company and their balances.
7. Verifiable evidence that transactions have occurred used to record accounting information.
8. A record of the increases and decreases in a specific asset, liability, equity, revenue, or expense item.
9. An increase in an asset and expense account, and decrease in a liability, contributed capital, retained earnings, and revenue account; recorded on the left side of a T-account.
10. Decrease in an asset, and expense account, and increase in a liability, contributed capital, retained earnings and revenue account; recorded on the right side of a T-account.