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Direction: Match the letter with the definition that corresponds to the following terms: (Modified from Basic

Accounting, Valencia & Roxas)


A B
1. Accounting System A. Exchanges of goods or services between/among two or more entities or some
2. Debit other event having an economic impact on a business enterprise.
3. Credit B. An accounting record used to list a particular type of frequently recurring
4. Transactions transaction.
5. Double-Entry Accounting C. A record used to classify and summarize the effects of transactions.
6. Journal Entry D. An entry on the right side of an account.
7. Journals E. A record used as the basis for analyzing and recording transactions. Examples
8. Accounting Process (or cycle) include invoices, check stubs, and receipts.
9. Special Journals F. A collection of accounts maintained by a business.
10.General Journal 11.Account G. Procedures used for analyzing, recording, classifying, and summarizing the
12.Ledger information to be presented in accounting reports. H. An entry on the left side of an
13.Posting account.
14.General Ledger I. Procedures and methods used, including data processing equipment, to collect
15.Subsidiary Ledgers and report accounting data.
J. An accounting record used to record all business activities for which a special
journal is not maintained.
K. The process of summarizing transactions by transferring amounts from the
journals to the ledger accounts.
L. The grouping of supporting accounts that in total equal the balance of a control
account in the general ledger.
M. The general ledger account that summarizes the detailed information in a
subsidiary ledger.
N. A collection of all the accounts used by a business that could appear on the
financial statements.
O. A system of recording transactions in a way that maintains the equality of the
accounting equation.
P. Records in which transactions are first entered, providing a chronological record
of business activity.
Q. The recording of a transaction in which debits equal credits. It usually includes a
date and an explanation of the transaction.

Direction: Match the letter with the definition that corresponds to the following terms: (Modified from Basic
Accounting, Valencia & Roxas

B.
A A. Exchanges of goods or services between/among two or more entities or some other
1. Accounting System event having an economic impact on a business enterprise.
2. Debit B. An accounting record used to list a particular type of frequently recurring
3. Credit transaction.
4. Transactions C. A record used to classify and summarize the effects of transactions.
5. Double-Entry Accounting D. An entry on the right side of an account.
6. Journal Entry E. A record used as the basis for analyzing and recording transactions. Examples
7. Journals include invoices, check stubs, and receipts.
8. Accounting Process (or cycle) F. A collection of accounts maintained by a business.
9. Special Journals G. Procedures used for analyzing, recording, classifying, and summarizing the
10.General Journal 11.Account information to be presented in accounting reports. H. An entry on the left side of an
12.Ledger account.
13.Posting I. Procedures and methods used, including data processing equipment, to collect and
14.General Ledger report accounting data.
15.Subsidiary Ledgers J. An accounting record used to record all business activities for which a special journal
is not maintained.
K. The process of summarizing transactions by transferring amounts from the journals
to the ledger accounts.
L. The grouping of supporting accounts that in total equal the balance of a control
account in the general ledger.
M. The general ledger account that summarizes the detailed information in a
subsidiary ledger.
N. A collection of all the accounts used by a business that could appear on the financial
statements.
O. A system of recording transactions in a way that maintains the equality of the
accounting equation.
P. Records in which transactions are first entered, providing a chronological record of
business activity.
Q. The recording of a transaction in which debits equal credits. It usually includes a
date and an explanation of the transaction.

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