Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN: 9781305654174
Author: Gary A. Porter, Curtis L. Norton
Publisher: Cengage Learning
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Textbook Question
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Chapter 3, Problem 3.1KTQ

Read each definition below and write the number of the definition in the blank beside the appropriate term. The quiz solutions appear at the end of the chapter.

Event

External event

Internal event

Transaction

Source document

Account

Chart of accounts

General ledger

Debit

Credit

Double-entry system

Journal

Posting

Journalizing

General journal

Trial balance

  1. A numerical list of all accounts used by a company.
  2. A list of each account and its balance; used to prove equality of debits and credits.
  3. A happening of consequence to an entity.
  4. An entry on the right side of an account.
  5. An event occurring entirely within an entity.
  6. A piece of paper that is used as evidence to record a transaction.
  7. The act of recording journal entries.
  8. An entry on the left side of an account.
  9. The process of transferring amounts from a journal to the ledger accounts.
  10. An event involving interaction between an entity and its environment.
  11. A record used to accumulate amounts for each individual asset, liability, revenue, expense, and component of stockholders’ equity.
  12. A book, a file, a hard drive, or another device containing all of the accounts.
  13. A chronological record of transactions.
  14. Any event that is recognized in a set of financial statements.
  15. The journal used in place of a specialized journal.
  16. A system of accounting in which every transaction is recorded with equal debits and credits and the accounting equation is kept in balance.

Expert Solution & Answer
Check Mark
To determine

Concept Introduction:

Accounting is art of recording, classifying and summarizing the business transaction or business event it also communicates or interpretation the result to the users of accounting.

Journal entries are the part of basic accounting or primary accounting. In journal entries there are 2 aspects one is debit and another is credit. These 2 aspects are always equal. Journal entries are base for the ledger and trial balance.

To Identify: Fill in the blanks with appropriate headings.

Explanation of Solution

    1. A numerical list of all the accounts used by the company.It is termed as the ledger.
    2. A list of accounts and its balances used to prove equality of debit and credit.It is termed as the Trial balance.
    3. A happening of consequence to an entity.It is termed as the Event.
    4. An entry on the right side of an account.It is termed as the Credit.
    5. An event occurring entirely within an entity.It is termed as Internal Event.
    6. A piece of paper that is used as evidence to record a transaction.It is termed as Source document.
    7. The act of recording the journal entry.It is termed as journalizing.
    8. An entry on the left side of an account.It is termed as Debit.
    9. The process of transferring the amounts from a journal to the ledger accounts.It is termed as posting.
    10. An event involving interaction between an entity and its environment.It is termed as external event.
    11. A record used to accumulate amounts for each individual asset, liability, revenue, expense, and component of stockholders’ equity.It is termed as general ledger.
    12. A book, a file, a hard drive, or another device containing all of the accounts.It is termed as Account.
    13. A chronological record of transaction.It is termed as Journal.
    14. Any event that is recognized in a set of financial statements. It is termed as Transactions.
    15. The journal used in place of a specialized journal.It is termed as General Journal.
    16. A system of accounting in which every transaction is recorded with equal debits and credits and the accounting equation is kept in balance.It is termed as Double entry System.

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Students have asked these similar questions
Posting is the process of a. Analyzing the impact of the transaction on the accounting equation. b. Obtaining information about external transactions from source documents. c. Transferring the debit and credit information from the journal to individual accounts in the general ledger. d. Listing all accounts and their balances at a particular date and showing the equality of total debits and total credits.
Below are the steps in the measurement process of external transactions. Arrange them from first (1) to last (6).__________ a. Post the transaction to the T-accounts in the general ledger.__________ b. Assess whether the impact of the transaction results in a debit or credit to account balances.__________ c. Use source documents to identify accounts affected by an external transaction.__________ d. Analyze the impact of the transaction on the accounting equation.__________ e. Prepare a trial balance.__________ f. Record the transaction using debits and credits.
A trial balance represents the:   Multiple Choice   Chronological record of all transactions affecting the company.   Process of transferring debit and credit information from the journal to the accounts in the general ledger.   List of all accounts and their balances at a particular date to ensure that debits equal credits.   Source documents used to determine the effects of transactions on the company's accounts.

Chapter 3 Solutions

Financial Accounting: The Impact on Decision Makers

Ch. 3 - Journal Entries Recorded Directly in T Accounts...Ch. 3 - Prob. 3.11MCECh. 3 - Determining an Ending Account Balance Jessies...Ch. 3 - Reconstructing a Beginning Account Balance During...Ch. 3 - Journal Entries Prepare the journal entry to...Ch. 3 - Journal Entries Following is a list of...Ch. 3 - Journal Entries for Vail Resorts Refer to the...Ch. 3 - Prob. 3.17MCECh. 3 - Prob. 3.1PCh. 3 - Transaction Analysis and Financial Statements Just...Ch. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Transactions Reconstructed from Financial...Ch. 3 - Prob. 3.5MCPCh. 3 - Prob. 3.6MCPCh. 3 - Transaction Analysis and Journal Entries Recorded...Ch. 3 - Prob. 3.8MCPCh. 3 - Journal Entries Atkins Advertising Agency began...Ch. 3 - Prob. 3.10MCPCh. 3 - The Detection of Errors in a Trial Balance and...Ch. 3 - Journal Entries, Trial Balance, and Financial...Ch. 3 - Journal Entries, Trial Balance, and Financial...Ch. 3 - Prob. 3.1APCh. 3 - Prob. 3.2APCh. 3 - Prob. 3.3APCh. 3 - Transactions Reconstructed from Financial...Ch. 3 - Prob. 3.5AMCPCh. 3 - Accounts Used to Record Transactions A list of...Ch. 3 - Prob. 3.7AMCPCh. 3 - Trial Balance and Financial Statements Refer to...Ch. 3 - Journal Entries Castle Consulting Agency began...Ch. 3 - Prob. 3.10AMCPCh. 3 - Entries Prepared from a Trial Balance and Proof of...Ch. 3 - Journal Entries Overnight Delivery Inc. is...Ch. 3 - Journal Entries and a Balance Sheet Krittersbegone...Ch. 3 - Prob. 3.1DCCh. 3 - Prob. 3.2DCCh. 3 - Prob. 3.3DCCh. 3 - Prob. 3.4DCCh. 3 - Prob. 3.5DCCh. 3 - Prob. 3.6DCCh. 3 - Prob. 3.7DC
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