Accounting Terms

Instructions: Match the following terms to their definitions below.

Ledger - General Ledger - Balance Sheet - Assets - Owner's Equity - Liability - T-Account
Cash Flow - Debit - Credit - GAPP - Accounting Equation - Correcting Entry - Chart of
Accounts - Income Statement - Statement of Cash Flow - Account - Journalizing - Posting –
Capital

1. A group of accounts is known as a                                     .

2. A ledger that contains all of the accounts needed to prepare financial statements is known as
the                                                                     .
3. The                                                                 provides information about assets, liabilities and owner's
equity on a specific date.
4. 
Anything of value that is owned by an organization is known as an                                 .
5. 
Amounts owed by the business are known as                                                 .
6. 
                                                                     is what remains after all the value of all liabilities is subtracted
from the value of all assets.
7. 
Assets=Liabilities+Corporate Liability is also known as
the                                                                                         .
8. 
A                                                  is an accounting device used to analyse transactions.
9. 
                                 is an amount recorded on the left side.
10. 
                                     is an amount recorded on the right side.
11. 
                                                                                         is a list of accounts used by a business.
12. 
                                                                                                                                                                                                            are a
commonly accepted set of accounting procedures and standards.
13. 
                                                                                     is a journal entry made to correct a error in the ledger.
14. 
The process of transferring journal entry effects into the respective general ledger accounts is
known as                                         .
15. 
The process of recording transactions and events into the journal is known
as                                                             .
16. 
                                                                                         is a report that shows the flow of revenues and expenses
over a given period of time.
17. 
                                                                                                             is a record that details the flow of cash through an
organization over a period of time.
18. 
                                                     is a record in the general ledger that is used to collect and store debit and
credit amounts.
19. 
The revenue or expense expected to be generated through business activities over a period of
time is known as                                                 .
20. 
                                         is a financial asset and its value, such as cash or goods.