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

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