Chapter 2, Problem 2.16S

(Learning Objectives 1, 2, 3, 4, 5: Define accounting terms) Accounting has its own vocabulary and basic relationships. Match the accounting terms at the left with the corresponding definition or meaning at the right.

1. 1. ____ Posting
2. 2. ____ Expense
3. 3. ____ Debit
4. 4. ____ Trial balance
5. 5. ____ Equity
6. 6. ____ Net income
7. 7. ____ Receivable
8. 8. ____ Chart of accounts
9. 9. ____ Payable
10. 10. ____ Journal
11. 11. ____ Normal balance
12. 12. ____ Ledger
13. A. The cost of operating a business; a decrease in stockholders’ equity
14. B. Always an asset
15. C. Side of an account where increases are recorded
16. D. Lists a company’s accounts and account numbers (no account balances in this item)
17. E. Copying data from the journal to the ledger
18. F. Assets - Liabilities
19. G. Revenues - Expenses
20. H. Lists all accounts with their balances
21. I. Always a liability
22. J. Record of transactions
23. K. Left side of an account
24. L. The book of accounts and their balances