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Accounting Terms (Grades 11-12)

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Accounting Terms

Instructions: Match the following terms to their definitions below.

Ledger - General Ledger - Balance Sheet - Assets - Owner's Equity - Liability - T-Account
Cash Flow - Debit - Credit - GAPP - Accounting Equation - Correcting Entry - Chart of Accounts
Income Statement - Statement of Cash Flow - Account - Journalizing - Posting - Capital

1. 
A group of accounts is known as a                   .
2. 
A ledger that contains all of the accounts needed to prepare financial statements is known as the                                   .
3. 
The                                 provides information about assets, liabilities and owner's equity on a specific date.
4. 
Anything of value that is owned by an organization is known as an                 .
5. 
Amounts owed by the business are known as                         .
6. 
                                   is what remains after all the value of all liabilities is subtracted from the value of all assets.
7. 
Assets=Liabilities+Corporate Liability is also known as the                                             .
8. 
A                          is an accounting device used to analyse transactions.
9. 
                 is an amount recorded on the left side.
10. 
                   is an amount recorded on the right side.
11. 
                                             is a list of accounts used by a business.
12. 
                                                                                                      are a commonly accepted set of accounting procedures and standards.
13. 
                                           is a journal entry made to correct a error in the ledger.
14. 
The process of transferring journal entry effects into the respective general ledger accounts is known as                     .
15. 
The process of recording transactions and events into the journal is known as                               .
16. 
                                             is a report that shows the flow of revenues and expenses over a given period of time.
17. 
                                                       is a record that details the flow of cash through an organization over a period of time.
18. 
                           is a record in the general ledger that is used to collect and store debit and credit amounts.
19. 
The revenue or expense expected to be generated through business activities over a period of time is known as                         .
20. 
                     is a financial asset and its value, such as cash or goods.
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