The Following Are Key Terms in Chapter 16 That Relate

question 5

Short Answer

The following are key terms in Chapter 16 that relate to accounting for colleges and universities:
A.Term endowments
B.Gifts in kind
C.Annuity agreements
D.Collections
E.Pooled life income agreements
F.Spending rate
G.Total return
For each of the following definitions,indicate the key term from the list above that best matches by placing the appropriate letter in the blank space next to the definition.

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Definitions:

Expenses

Economic costs that a business incurs through its operations to earn revenue.

Trial Balance

A bookkeeping report that lists the balances in each general ledger account at a specific point in time, used to check the accuracy of bookkeeping entries.

Debit Column

The side of an accounting ledger where increases in assets, expenses, and withdrawals are recorded.

Credit Column

is a section in financial statements or ledgers where increases in liability, equity, and revenue accounts or decreases in asset and expense accounts are recorded.