Match the Terms with the Definitions

question 30

Multiple Choice

Match the terms with the definitions.
-​A complete set of all the accounts used by a business.

• A)book of original entry
• B)chart of accounts
• C)compound entry
• D)correcting entry
• E)cross-reference
• F)four-column account
• G)general ledger
• H)journal
• I)journalizing
• J)posting
• K)ruling method
• L)slide error
• M)source document
• N)transposition error
• O)trial balance

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Definitions:

Break-Even Point

The level of activity at which total revenue equals total costs.

Total Sales

Total Sales represents the aggregate revenue a company generates from selling its goods or services within a specific period before any expenses are deducted.

Variable Costs

Costs that vary directly with the level of production or volume of output.

Variable Cost

Costs that vary directly with the level of production or sales volume, such as raw materials and labor.