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FA_Ch_2/3_Definitions

Match the accounting term to the correct defintion.

Definitions:
Book value, Profit margin, General ledger, Plant asset, Debt ratio, Current ratio, Trial balance, Chart of Accounts, Prepaid expenses, Credit, General journal, Source document, Debit, Unearned revenue, Long-term liability create online tests , Accounting cycle,

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