Matching Quiz

Match the following definitions to the terms.


1				Resources presently owned by a business that generate future economic benefits.


2				Amounts presently owed by a business.


3				The amount invested and reinvested in a company by its shareholders.


4				Assets and liabilities should be initially recorded at their original cost to the company.


5				An event or activity that has a direct and measurable financial effect on the assets, liabilities, or shareholders' equity of a business.


6				A summary of all account names (and corresponding account numbers) used to record financial results in the accounting system.


7				Used to record the effects of each day's transactions; organized by date.


8				Used to summarize the effects of journal entries on each account; organized by account.


9				The left side of an account, or the act of entering an amount into the left side of an account.


10				The right side of an account, or the act of entering an amount into the right side of an account.


11				Indicate the effects of each day's transactions in a debits-equal-credits format.


12				The process of transferring details of journal entries into the corresponding ledger accounts.


13				A simplified version of a ledger account used for summarizing the effects of journal entries.


14				A balance sheet that shows a subtotal for current assets and current liabilities.


15				To be used up or converted into cash within 12 months of the balance sheet date.


16				Debts and obligations that will be paid, settled, or fulfilled within 12 months of the balance sheet date.


17				Assets and liabilities that do not meet the definition of current.


18				Using the least optimistic measures when uncertainty exists about the value of an asset or liability.

Answer choices for questions 1 through 18

A)	Cost principle
B)	Posting
C)	Current assets
D)	Journal entries
E)	Shareholders equity
F)	Debit
G)	Liabilities
H)	Ledger
I)	Noncurrent
J)	Classified balance sheet
K)	T account
L)	Transaction
M)	Chart of accounts
N)	Journals
O)	Conservatism
P)	Credit
Q)	Current liabilities
R)	Assets

Your Results:

E-mail Your Results