Accounting Terminology
Listed Below Are Nine Technical Accounting Terms Introduced

question 4

Essay

Accounting terminology
Listed below are nine technical accounting terms introduced in this chapter:
(A.) The accounting record in which transactions are initially recorded.
(B.) A concept designed to avoid overstatement of the financial strength of a company.
(C.) A schedule prepared to determine the equality of the debit and credit amounts in the ledger.
(D.) An amount entered in the right side of a ledger account.
(E.) The sequence of procedures involved in recording transactions, processing the information in the accounting system, and summarizing the information in the form of financial statements.
(F.) The accounting record that contains a separate account for each type of asset and liability, and for each element of owners' equity appearing in the balance sheet.
(G.) The system of accounting in which every business transaction is recorded by equal dollar amounts of debit and credit entries.
$$\begin{array} { | l | l | l | } \hline \text { Matching principle } & \text { Debit } & \text { Trial balance } \\\hline \text { Double-entry } & \text { Credit } & \text { Joumal } \\\hline \text { Accounting cycle } & \text { Ledger } & \text { Conservatism } \\\hline\end{array}$$

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Definitions:

Broad and Global Issues

encompasses widely encompassing, international concerns that affect multiple countries and populations.

Avoid Details

The approach of focusing on broader objectives or strategies without being bogged down by intricate specifics.

Strategic Opportunism

The ability of an organization to remain focused on long-term objectives while also being flexible enough to take advantage of short-term opportunities.

Long-Term Objectives

Strategic goals set to be achieved over an extended period, typically over several years, focusing on sustainable growth and development.