Accounting Terminology
Listed Below Are Nine Technical Accounting Terms Introduced

question 12

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:

Years Ago

A phrase used to indicate a specific amount of time in the past from the present moment.

Plant Cultivation

The process of growing plants in a controlled environment, optimizing their development and yield.

Fertilize

The act of adding nutrients to soil or directly to plants to promote growth and increase yields, often involving substances like compost or chemical fertilizers.

Soil

The top layer of the earth's surface, composed of organic matter, minerals, gases, liquids, and organisms, supporting plant life.