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

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