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Accounting Terms: Instructions: Match The Following Terms To Their Definitions Below

1. The document provides definitions for 20 key accounting terms including account, general ledger, balance sheet, assets, liabilities, owner's equity, T-account, debit, credit, GAAP, accounting equation, correcting entry, chart of accounts, income statement, statement of cash flows, journalizing, posting, and capital. 2. Some of the terms defined include the general ledger containing all accounts needed for financial statements, the balance sheet providing asset, liability, and owner's equity information on a specific date, assets being anything owned by a business, and liabilities being amounts owed by the business. 3. The accounting equation of assets equaling liabilities plus owner's equity

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Lilik Purwaningsih
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205 views

Accounting Terms: Instructions: Match The Following Terms To Their Definitions Below

1. The document provides definitions for 20 key accounting terms including account, general ledger, balance sheet, assets, liabilities, owner's equity, T-account, debit, credit, GAAP, accounting equation, correcting entry, chart of accounts, income statement, statement of cash flows, journalizing, posting, and capital. 2. Some of the terms defined include the general ledger containing all accounts needed for financial statements, the balance sheet providing asset, liability, and owner's equity information on a specific date, assets being anything owned by a business, and liabilities being amounts owed by the business. 3. The accounting equation of assets equaling liabilities plus owner's equity

Uploaded by

Lilik Purwaningsih
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Accounting Terms

Instructions: Match the following terms to their definitions below.

Ledger - General Ledger - Balance Sheet - Assets - Owner's Equity - Liability - T-Account
Cash Flow - Debit - Credit - GAPP - Accounting Equation - Correcting Entry - Chart of
Accounts - Income Statement - Statement of Cash Flow - Account - Journalizing - Posting –
Capital

1. A group of accounts is known as a                                     .


2. A ledger that contains all of the accounts needed to prepare financial statements is known as
the                                                                     .
3. The                                                                 provides information about assets, liabilities and owner's
equity on a specific date.
4. 
Anything of value that is owned by an organization is known as an                                 .
5. 
Amounts owed by the business are known as                                                 .
6. 
                                                                     is what remains after all the value of all liabilities is subtracted
from the value of all assets.
7. 
Assets=Liabilities+Corporate Liability is also known as
the                                                                                         .
8. 
A                                                  is an accounting device used to analyse transactions.
9. 
                                 is an amount recorded on the left side.
10. 
                                     is an amount recorded on the right side.
11. 
                                                                                         is a list of accounts used by a business.
12. 
                                                                                                                                                                                                            are a
commonly accepted set of accounting procedures and standards.
13. 
                                                                                     is a journal entry made to correct a error in the ledger.
14. 
The process of transferring journal entry effects into the respective general ledger accounts is
known as                                         .
15. 
The process of recording transactions and events into the journal is known
as                                                             .
16. 
                                                                                         is a report that shows the flow of revenues and expenses
over a given period of time.
17. 
                                                                                                             is a record that details the flow of cash through an
organization over a period of time.
18. 
                                                     is a record in the general ledger that is used to collect and store debit and
credit amounts.
19. 
The revenue or expense expected to be generated through business activities over a period of
time is known as                                                 .
20. 
                                         is a financial asset and its value, such as cash or goods.

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