Match the Term with Its Definition

question 28

Essay

Match the term with its definition.(There are more definitions than terms.)
TERM
_____ (1)dr
_____ (2)cr
_____ (3)Classified Balance Sheet
_____ (4)Common Stock
_____ (5)Accounting Equation
_____ (6)Transaction
_____ (7)Accounts Payable
_____ (8)Journal Entry
DEFINTION
A.The account credited when cash is received in exchange for stock issued.
B.Another name for stockholders' equity or shareholders' equity.
C.An exchange or event that has a direct impact on a company's financial statements.
D.A balance sheet that has not yet been publicly released.
E.When a company becomes included in the Fortune 500.
F.A method of recording a transaction in debit/credit format.
G.A transaction that is triggered automatically merely by the passage of time.
H.The abbreviation for an item posted on the left side of a T-account.
I.The expression that assets must equal liabilities plus stockholders' equity.
J.The value of a company's public relations campaign.
K.Amounts owed to suppliers for goods or services bought on credit.
L.An event that has no effect on the balance sheet and is not recorded in the financial statements.
M.Liabilities divided by assets.
N.A balance sheet that has assets and liabilities categorized as current vs.noncurrent.
O.The abbreviation for an item posted on the right side of a T-account.

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Definitions:

Underapplied

A situation where the actual costs are higher than the costs applied or allocated, typically in manufacturing overhead.

Job Order Cost Accounting

A system used to assign production costs to an individual product or batches of products, typically when each product's design is sufficiently unique.

Separate Record

An accounting practice where transactions are recorded individually, allowing for clearer tracing and tracking of specific financial movements or activities.

Factory Overhead Account

This refers to an account that accumulates all the indirect costs associated with the manufacturing process, excluding direct materials and direct labor.