Provided below is a list of definitions and terms. Match them by placing the letter that identifies the best definition in the blank space next to each term. 1. Debit 2. Note payable 3. Ledger 4. Journal 5. Debt ratio 6. Chart of accounts 7. Trial balance 8. Credit 9. Account balance 10. Balance column account A. An increase in an asset, dividend, and expense account, and a decrease in a liability, common stock, and revenue account; recorded on the left side of a T- account. B. A decrease in an asset, dividend, and expense account, and an increase in a liability, common stock and revenue account; recorded on the right side of a T- account. C. A written promissory note to pay a future amount. D. The difference between total debits and total credits for an account, including any beginning balance. E. A list of accounts and their balances at a point in time; the total debit balances should equal the total credit balances. F. A list of all ledger accounts used by a company and the identification number assigned to each account. G. The ratio of total liabilities divided by total assets; a measure of the risk associated with liabilities. H. A column for showing the balance of the account after each entry is recorded. I. A complete record of each transaction in one place that shows debits and credits for each transaction. J. A record of all accounts used by a company.
Provided below is a list of definitions and terms. Match them by placing the letter that identifies the best definition in the blank space next to each term. 1. Debit 2. Note payable 3. Ledger 4. Journal 5. Debt ratio 6. Chart of accounts 7. Trial balance 8. Credit 9. Account balance 10. Balance column account A. An increase in an asset, dividend, and expense account, and a decrease in a liability, common stock, and revenue account; recorded on the left side of a T- account. B. A decrease in an asset, dividend, and expense account, and an increase in a liability, common stock and revenue account; recorded on the right side of a T- account. C. A written promissory note to pay a future amount. D. The difference between total debits and total credits for an account, including any beginning balance. E. A list of accounts and their balances at a point in time; the total debit balances should equal the total credit balances. F. A list of all ledger accounts used by a company and the identification number assigned to each account. G. The ratio of total liabilities divided by total assets; a measure of the risk associated with liabilities. H. A column for showing the balance of the account after each entry is recorded. I. A complete record of each transaction in one place that shows debits and credits for each transaction. J. A record of all accounts used by a company.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Provided below is a list of definitions and terms. Match them by placing the letter that identifies the best definition in the blank space next to each term.
1. Debit
2. Note payable
3. Ledger
4. Journal
5. Debt ratio
6. Chart of accounts
7. Trial balance
8. Credit
9. Account balance
10. Balance column account
A. An increase in an asset, dividend, and expense account, and a decrease in a liability, common stock, and revenue account; recorded on the left side of a T-
account.
B. A decrease in an asset, dividend, and expense account, and an increase in a liability, common stock and revenue account; recorded on the right side of a T-
account.
C. A written promissory note to pay a future amount.
D. The difference between total debits and total credits for an account, including any beginning balance.
E. A list of accounts and their balances at a point in time; the total debit balances should equal the total credit balances.
F. A list of all ledger accounts used by a company and the identification number assigned to each account.
G. The ratio of total liabilities divided by total assets; a measure of the risk associated with liabilities.
H. A column for showing the balance of the account after each entry is recorded.
I. A complete record of each transaction in one place that shows debits and credits for each transaction.
J. A record of all accounts used by a company.
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