Match the Terms with the Definitions

question 67

Multiple Choice

Match the terms with the definitions.
-The column in the combination journal used to enter the account titles for the General Debit and General Credit columns,to identify specific creditors when assets are purchased on account,and to identify amounts forwarded.

• A)accrual basis of accounting
• B)combination journal
• C)Description column
• D)General Credit column
• E)General Debit column
• F)modified cash basis
• G)Posting Reference column
• H)special columns

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Definitions:

Income Summary

An account to which all revenues and expenses are transferred at the end of an accounting period to compute the net income or loss for the period.

Withdrawals Account

An account in bookkeeping where amounts drawn out from the business by the owner for personal use are recorded.

Revenue Account

An account that tracks the income earned by a company from its operational activities, excluding expenses.

Fees Earned Account

An income account that records the revenue earned from services provided or fees charged.