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FA_Ch_2/3_Definitions

Author: Strickland Sharon
Description: Match the accounting term to the correct defintion.
Keywords: Accounting , Definitions, , , , , online teaching

Content:
Definitions:
0. Source document
1. General journal
2. General ledger
3. Prepaid expenses
4. Debt ratio
5. Chart of Accounts
6. Plant asset
7. Profit margin
8. Unearned revenue
9. Credit
10. Book value
11. Trial balance
12. Long-term liability
13. Current ratio
14. Accounting cycle
15. Debit

Answers:
0. List of accounts used by a company
1. Current assets divided by current liabilites
2. Recorded on the right abbreviated Cr.
3. Ratio of total liabilities to total assets used to measure risk
4. Reoccuring steps repeated each accounting period
5. Asset%27s cost less it%27s accumulated depreciation
6. Record containing all accounts for a business
7. Items paid for in advance of receiving their benefits
8. Tangible, long-term asset used to produce or sell
9. Obligation not due to be paid within one year
10. Recorded on the left abbreviated Dr.
11. Ratio of a company%27s net income to it%27s net sales
12. Source of information for accounting entries
13. Used to record debits and credits from transactions
14. Liability created when customer pays in advance
15. List of accounts and their balances at a point in time
.