Accounting Terminology
Listed Below Are Nine Technical Accounting Terms Introduced

question 106

Essay

Accounting terminology
Listed below are nine technical accounting terms introduced in this chapter: $$\begin{array} { | l | l | l | } \hline \text { Matchingprinciple } & \text { Debit } & \text { Trial balance } \\\hline \text { Double-entry } & \text { Credit } & \text { Joumal } \\\hline \text { Accounting cycle } & \text { Ledger } & \text { Consernatism } \\\hline\end{array}$$ (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 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.

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Definitions:

Disjunctive Proposition

A logical statement that proposes an either/or scenario, where only one of the conditions needs to be true.

Categorical Proposition

A statement that affirms or denies something unconditionally, often structured in standardized forms.

Placenta

An organ that develops in the uterus during pregnancy, providing oxygen and nutrients to the growing fetus while removing waste products.

Childbirth

The act of a baby being born, which includes the labor and delivery stages.