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

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