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

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