Bookkeeping Terms
Matching exercise
Match the items on the right to the items on the left.
Check
Owner's Equity
???
A journal entry that zeroes out revenue and expense accounts.
The value in an account.
A book that contains the balances of all the accounts.
A source document.
Net Sales less Cost of Goods Sold.
Withdrawal of the assets by the owner.
Amount owed by customers.
The left side of an account.
The process of transferring balances from the journals to the general ledger.
Amount owed to suppliers (creditors).
Net worth or capital.
An intangible asset.
A listing of all the accounts.
Anything of value owned.
Income earned.
Amount by which revenues exceed expenses.
Revenue
???
A journal entry that zeroes out revenue and expense accounts.
The value in an account.
A book that contains the balances of all the accounts.
A source document.
Net Sales less Cost of Goods Sold.
Withdrawal of the assets by the owner.
Amount owed by customers.
The left side of an account.
The process of transferring balances from the journals to the general ledger.
Amount owed to suppliers (creditors).
Net worth or capital.
An intangible asset.
A listing of all the accounts.
Anything of value owned.
Income earned.
Amount by which revenues exceed expenses.
Asset
???
A journal entry that zeroes out revenue and expense accounts.
The value in an account.
A book that contains the balances of all the accounts.
A source document.
Net Sales less Cost of Goods Sold.
Withdrawal of the assets by the owner.
Amount owed by customers.
The left side of an account.
The process of transferring balances from the journals to the general ledger.
Amount owed to suppliers (creditors).
Net worth or capital.
An intangible asset.
A listing of all the accounts.
Anything of value owned.
Income earned.
Amount by which revenues exceed expenses.
Purchase Invoice
???
A journal entry that zeroes out revenue and expense accounts.
The value in an account.
A book that contains the balances of all the accounts.
A source document.
Net Sales less Cost of Goods Sold.
Withdrawal of the assets by the owner.
Amount owed by customers.
The left side of an account.
The process of transferring balances from the journals to the general ledger.
Amount owed to suppliers (creditors).
Net worth or capital.
An intangible asset.
A listing of all the accounts.
Anything of value owned.
Income earned.
Amount by which revenues exceed expenses.
Net Income
???
A journal entry that zeroes out revenue and expense accounts.
The value in an account.
A book that contains the balances of all the accounts.
A source document.
Net Sales less Cost of Goods Sold.
Withdrawal of the assets by the owner.
Amount owed by customers.
The left side of an account.
The process of transferring balances from the journals to the general ledger.
Amount owed to suppliers (creditors).
Net worth or capital.
An intangible asset.
A listing of all the accounts.
Anything of value owned.
Income earned.
Amount by which revenues exceed expenses.
Chart Of Accounts
???
A journal entry that zeroes out revenue and expense accounts.
The value in an account.
A book that contains the balances of all the accounts.
A source document.
Net Sales less Cost of Goods Sold.
Withdrawal of the assets by the owner.
Amount owed by customers.
The left side of an account.
The process of transferring balances from the journals to the general ledger.
Amount owed to suppliers (creditors).
Net worth or capital.
An intangible asset.
A listing of all the accounts.
Anything of value owned.
Income earned.
Amount by which revenues exceed expenses.
Posting
???
A journal entry that zeroes out revenue and expense accounts.
The value in an account.
A book that contains the balances of all the accounts.
A source document.
Net Sales less Cost of Goods Sold.
Withdrawal of the assets by the owner.
Amount owed by customers.
The left side of an account.
The process of transferring balances from the journals to the general ledger.
Amount owed to suppliers (creditors).
Net worth or capital.
An intangible asset.
A listing of all the accounts.
Anything of value owned.
Income earned.
Amount by which revenues exceed expenses.
General Ledger
???
A journal entry that zeroes out revenue and expense accounts.
The value in an account.
A book that contains the balances of all the accounts.
A source document.
Net Sales less Cost of Goods Sold.
Withdrawal of the assets by the owner.
Amount owed by customers.
The left side of an account.
The process of transferring balances from the journals to the general ledger.
Amount owed to suppliers (creditors).
Net worth or capital.
An intangible asset.
A listing of all the accounts.
Anything of value owned.
Income earned.
Amount by which revenues exceed expenses.
Drawings
???
A journal entry that zeroes out revenue and expense accounts.
The value in an account.
A book that contains the balances of all the accounts.
A source document.
Net Sales less Cost of Goods Sold.
Withdrawal of the assets by the owner.
Amount owed by customers.
The left side of an account.
The process of transferring balances from the journals to the general ledger.
Amount owed to suppliers (creditors).
Net worth or capital.
An intangible asset.
A listing of all the accounts.
Anything of value owned.
Income earned.
Amount by which revenues exceed expenses.
Accounts Receivable
???
A journal entry that zeroes out revenue and expense accounts.
The value in an account.
A book that contains the balances of all the accounts.
A source document.
Net Sales less Cost of Goods Sold.
Withdrawal of the assets by the owner.
Amount owed by customers.
The left side of an account.
The process of transferring balances from the journals to the general ledger.
Amount owed to suppliers (creditors).
Net worth or capital.
An intangible asset.
A listing of all the accounts.
Anything of value owned.
Income earned.
Amount by which revenues exceed expenses.
Accounts Payable
???
A journal entry that zeroes out revenue and expense accounts.
The value in an account.
A book that contains the balances of all the accounts.
A source document.
Net Sales less Cost of Goods Sold.
Withdrawal of the assets by the owner.
Amount owed by customers.
The left side of an account.
The process of transferring balances from the journals to the general ledger.
Amount owed to suppliers (creditors).
Net worth or capital.
An intangible asset.
A listing of all the accounts.
Anything of value owned.
Income earned.
Amount by which revenues exceed expenses.
Debit
???
A journal entry that zeroes out revenue and expense accounts.
The value in an account.
A book that contains the balances of all the accounts.
A source document.
Net Sales less Cost of Goods Sold.
Withdrawal of the assets by the owner.
Amount owed by customers.
The left side of an account.
The process of transferring balances from the journals to the general ledger.
Amount owed to suppliers (creditors).
Net worth or capital.
An intangible asset.
A listing of all the accounts.
Anything of value owned.
Income earned.
Amount by which revenues exceed expenses.
Balance
???
A journal entry that zeroes out revenue and expense accounts.
The value in an account.
A book that contains the balances of all the accounts.
A source document.
Net Sales less Cost of Goods Sold.
Withdrawal of the assets by the owner.
Amount owed by customers.
The left side of an account.
The process of transferring balances from the journals to the general ledger.
Amount owed to suppliers (creditors).
Net worth or capital.
An intangible asset.
A listing of all the accounts.
Anything of value owned.
Income earned.
Amount by which revenues exceed expenses.
Goodwill
???
A journal entry that zeroes out revenue and expense accounts.
The value in an account.
A book that contains the balances of all the accounts.
A source document.
Net Sales less Cost of Goods Sold.
Withdrawal of the assets by the owner.
Amount owed by customers.
The left side of an account.
The process of transferring balances from the journals to the general ledger.
Amount owed to suppliers (creditors).
Net worth or capital.
An intangible asset.
A listing of all the accounts.
Anything of value owned.
Income earned.
Amount by which revenues exceed expenses.
Closing Entry
???
A journal entry that zeroes out revenue and expense accounts.
The value in an account.
A book that contains the balances of all the accounts.
A source document.
Net Sales less Cost of Goods Sold.
Withdrawal of the assets by the owner.
Amount owed by customers.
The left side of an account.
The process of transferring balances from the journals to the general ledger.
Amount owed to suppliers (creditors).
Net worth or capital.
An intangible asset.
A listing of all the accounts.
Anything of value owned.
Income earned.
Amount by which revenues exceed expenses.
Gross Profit
???
A journal entry that zeroes out revenue and expense accounts.
The value in an account.
A book that contains the balances of all the accounts.
A source document.
Net Sales less Cost of Goods Sold.
Withdrawal of the assets by the owner.
Amount owed by customers.
The left side of an account.
The process of transferring balances from the journals to the general ledger.
Amount owed to suppliers (creditors).
Net worth or capital.
An intangible asset.
A listing of all the accounts.
Anything of value owned.
Income earned.
Amount by which revenues exceed expenses.
Check
OK