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Accounting Terms

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Accounting Terms Answer Key

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 ledger.
2. 
A ledger that contains all of the accounts needed to prepare financial statements is known as the General Ledger.
3. 
The Balance Sheetprovides 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 asset.
5. 
Amounts owed by the business are known as liability.
6. 
Owner's Equity 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 Accounting Equation.
8. 
A T-Account is an accounting device used to analyse transactions.
9. 
Debit is an amount recorded on the left side.
10. 
Credit is an amount recorded on the right side.
11. 
A Chart of Accounts is a list of accounts used by a business.
12. 
GAAP (Generally Accepted Accounting Principles) are a commonly accepted set of accounting procedures and standards.
13. 
A Correcting Entry 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 posting.
15. 
The process of recording transactions and events into the journal is known as journalizing.
16. 
An Income Statement is a report that shows the flow of revenues and expenses over a given period of time.
17. 
A Statement of Cash Flow is a record that details the flow of cash through an organization over a period of time.
18. 
An account 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 cash flow.
20. 
Capital is a financial asset and its value, such as cash or goods.
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