Match the Following Definitions and Terms by Placing the Number

question 32

Multiple Choice

Match the following definitions and terms by placing the number that identifies the best definition in the blank space next to the term.

-     An increase in an asset, dividend and expense account and decrease in a liability, common stock and revenue account; recorded on the left side of a T-account 

• A) Credit 
• B) Journal 
• C) Account 
• D) Ledger 
• E) Source documents 
• F) Accounting records 
• G) Debit 
• H) T-account 
• I) Posting 
• J) Double-entry accounting 

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Definitions:

Cash Defined

The total amount of money, in the form of bills or coins, available for use; often considered the most liquid form of assets.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) for global use.

Demand Deposits

Refers to funds held in bank accounts from which money can be withdrawn at any time without any advance notice to the institution.

Principles Of Internal Control

Principles Of Internal Control are the guiding rules designed to safeguard assets, ensure accurate financial reporting, promote operational efficiency, and encourage adherence to policies.