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

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