The Following Is a List of 10 Terms and Concepts $\quad$

question 95

Essay

The following is a list of 10 terms and concepts from Chapter 3:
$\quad$$\quad$$\quad$$\quad$ $\underline{\text{Terms and consepts:}}$
A. Master data $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ F. Journalize
B. Standing data $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ G. Subsidiary ledger
C. Summarize $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ H. General ledger
D. Post to subsidiary ledger $\quad$$\quad$$\quad$$\quad$ I. Information processing
E. Post to general ledger $\quad$$\quad$$\quad$$\quad$$\quad$ J. Data maintenance Required:
Listed below are ten descriptions of a term or concept. On the blank line to the left of each number, insert the capital letter from the list above of the term or concept that corresponds to the statement. A letter should be used only once.
$\underline{\text{Answers}}$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ DESCRIPTION
_______ 1. $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Add a sale to a customer's account
_______ 2. $\quad$$\quad$$\quad$$\quad$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Record a sales transactions in a book of original entry
_______ 3. $\quad$$\quad$$\quad$$\quad$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Customer credit limit
_______ 4. $\quad$$\quad$$\quad$$\quad$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Accounts Receivable and Sales accounts
_______ 5. $\quad$$\quad$$\quad$$\quad$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Change inventory prices
_______ 6. $\quad$$\quad$$\quad$$\quad$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Increase the balance in the Sales and Accounts Receivable account:
_______ 7. $\quad$$\quad$$\quad$$\quad$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Financial statement preparation
_______ 8. $\quad$$\quad$$\quad$$\quad$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Individual customer accounts receivable records
_______ 9. $\quad$$\quad$$\quad$$\quad$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Accounts receivable subsidiary ledger
_______ 10. $\quad$$\quad$$\quad$$\quad$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Prepare a trial balance.

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Definitions:

Global Leaders

Individuals who possess the skills and knowledge to lead organizations or teams across diverse cultural and geographical boundaries.

Linda Hasenfratz

Linda Hasenfratz is not a key term, but a person known for her role in the business world, specifically as the CEO of Linamar Corporation, an automotive parts manufacturer.

Linamar Corporation

A Canadian multinational company specializing in the manufacturing of precision automotive components, as well as powertrain systems.

Canadian Organizations

Organizations that are based in Canada or operate primarily within the Canadian context.