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

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