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

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