A. Posting B. Mixed Accounts C. Liabilities D. Trial Balance E. General ledger a

Question

A. Posting
B. Mixed Accounts
C. Liabilities
D. Trial Balance
E. General ledger account
F. Debit
G. Asset
H. Revenues
I. Temporary Equity Accounts
J. Worksheet
K. Expenses

1. Cost that relate to the earning of revenue
2. Something a company owns of value
3. Listing of the ending balances of all ledger accounts that proves the equality of total debits and credits
4. The left side of a T account
5. Process of transferring accounts and amounts from a journal to ledger
6. Complete record of transactions recorded in each individual account
7. Working paper that is used to record adjustments and gather information to prepare the financial statements
8. Accounts that are partly income statement and partly balance sheet accounts
9. Account classifications that are closed into the Income Summary account
10. The credit to Income Summary the total

Explanation / Answer

A.(5) Posting is the process transferring accounts and amounts from a journal to ledger. D.(3) Trial Balance is listing of the ending balances of all ledger accounts that proves the equality of total debits and credits. E.(8) General Ledger Account is accounts that are partly income statement and partly balance sheet accounts. F.(4) Debit is the left side of a T account. J.(6) Worksheet is complete record of transactions recorded in each individual account. I.(9) Temporary Equity Account is account classifications that are closed into the Income Summary account. G.(2) Asset is something a company owns of value. H.(10) Revenue is the credit to income sumary the total. K.(1) Expense is cost that related to earning of revenues. Note that J.(7) Worksheet is also working paper that is used to record adjustments and gather information to prepare the financial statements.

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