Question

Match the accounting terms with the corresponding definitions

Answer 1

Answer:

Explanation:

1. Posting Transferring amounts from the journal to the ledger 

2. Account A detailed record of all increases and decreases that have occurred in a particular asset, liability, or equity during a period

3. Debit Left side of a T-account 

4. Journal A record of transactions in date order 

5. Charts of accounts A list of all accounts with their account number

6. Trial balance  A list of all accounts with their balances at a point in time

7. Normal balance Side of an account where increases are recorded 

8. Ledger A journal entry that is characterized by having multiple debits and/or multiple credits 

9. Credit Right side of a T-account 

10. Compound journal entry The record-holding all the accounts of a business, the changes in those accounts, and their balances

Answer 2

Answer:

Answers are : 1 (g),  2 (a), 3 (e), 4 (d), 5 (j) , 6 (i), 7 (f), 8 (b), 9 (h), 10 (c)

Explanation:  

Corresponding options are given below:

1. Posting --(g) - Definition: Transferring amounts from the journal to the ledger.

2.Account -- (a)- Definition: A detailed record of all increases and decreases that have occurred in a particular asset, liability, or equity during a period.

3. Debit --(e)- Definition: Left side of a T-account.

4. Journal -- (d)- Definition: A record of transactions in date order.

5. Chart of accounts -- (j)- Definition: A list of all accounts with their account numbers.

6. Trial balance --(i)- Definition: A list of all accounts with their balances at a point in time.

7. Normal balance --(f)- Definition: Side of an account where increases are recorded.

8. Ledger -- (b)- Definition: The record-holding all the accounts of a business, the changes in those accounts, and their balances.

9. Credit -- (h)- Definition: Right side of a T-account.    

10.Compound journal entry -- (c)- Definition: A journal entry that is characterized by having multiple debits and/or multiple credits.