Q10E - Horngren'S Financial And Managerial Accounting

Question

Using accounting vocabulary 

Match the accounting terms with the corresponding definitions. 

. Posting 2. Account 3. Debit 4. Journal 5. Chart of accounts 6. Trial balance 7. Normal balance 8. Ledger 9. Credit 10. Compound journal entry a. A detailed record of all increases and decreases that have occurred in a particular asset, liability, or equity during a period b. The record holding all the accounts of a business, the changes in those accounts, and their balances c. A journal entry that is characterized by having multiple debits and/or multiple credits d. A record of transactions in date order e. Left side of a T-account f. Side of an account where increases are recorded g. Transferring amounts from the journal to the ledger h. Right side of a T-account i. A list of all accounts with their balances at a point in time j. A list of all accounts with their account numbers

Step-by-Step Solution

Answer

Accounting is recording, reporting, and interpreting the financial transaction and all the accounting terms are matched with the relevant definitions are given in step 2.

Step 1 Definition of Accounting

Accounting is defined as the process of recording, reporting, and interpreting the financial transaction of the business that occurred during the period.

Step 2 Matching the accounting terms with definitions

Accounting Terms	Definition
1 Posting	(G)
2 Account	(A)
3 Debit	(E)
4 Journal	(D)
5 Chart of accounts	(J)
6 Trial balance	(I)
7 Normal Balance	(F)
8 Ledger	(B)
9 Credit	(H)
10 Compound Journal Entry	(C)