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

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