Match the Term with Its Definition

question 179

Multiple Choice

Match the term with its definition.(There are more definitions than terms. )
-Credit

• A)A summary of account names and numbers.
• B)A simplified version of an account in the General Ledger.
• C)Compares balance sheet items from two different time periods.
• D)When a dollar value is assigned to an item recorded in the accounting system.
• E)A journal entry that lowers the balance of the account.
• F)An amount that is posted on the left side of a T-account or ledger.
• G)The concept that a company must keep separate accounts by time period.
• H)An amount that is posted on the right side of a T-account or ledger.
• I)Assets are initially recorded at the amount paid to acquire them.
• J)When journal entries are recorded in the appropriate T-account or ledger.
• K)When a company's balance sheet has been verified by an outside auditor.
• L)The principle that a company should use the least optimistic measure,when uncertainty exists.
• M)The concept that any transaction must have at least two effects on the accounting equation.
• N)The mechanism used to record each transaction in the General Journal.

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Definitions:

Auction With Reserve

An auction at which the auctioneer has the right to withdraw goods and not sell them if acceptable bids are not made.

Enforced Auction

A legal process where items are sold to satisfy debts owned by their owner.

Firm Offer

In contract law, an offer that is expressly made irrevocable for a specified period of time by the offeror.

Merchant

An individual or company involved in wholesale or retail trade, especially one dealing with goods, services, or commodities for profit.