Match the Following Terms with the Appropriate Definition

question 126

Multiple Choice

Match the following terms with the appropriate definition.
-Double-entry accounting

• A)Verifiable evidence that transactions have occurred used to record accounting information.
• B)Decrease in an asset, dividend and expense account, and increase in a liability, common stock and revenue account; recorded on the right side of a T-account.
• C)An increase in an asset and expense account, and decrease in a liability, common stock,
• and revenue account; recorded on the left side of a T-account.
• D)A company's chronological record of each transaction in one place that shows debits and credits for each transaction.
• E)An accounting system where each transaction affects and is recorded in at least two
• accounts; the sum of the debits for each entry must equal the sum of its credits.
• F)The process of transferring journal entry information to the ledger accounts.
• G)A record of the increases and decreases in a specific asset, liability, equity, revenue, or
• expense item.
• H)A record containing all the accounts of a company and their balances.
• I)A list of accounts and their balances at a point in time.
• J)A representation of a ledger account used to understand the effects of transactions.

---

Definitions:

Purchasing Power

The ability of an individual or group to buy goods and services, often related to their income and the price level of goods.

Sociocultural

Relating to or involving the social aspects and cultural dimensions of society and their impact on human behavior and interactions.

Demographics

The characteristics of human populations that can be used to identify consumer markets.

Discretionary Income

The amount of an individual's income that is left for spending, investing, or saving after taxes and personal necessities (like food and shelter) have been paid.