Math

QuestionMatch the accounting terms with their descriptions: account, analyze transactions, journal, post, trial balance.

Studdy Solution

STEP 1

Assumptions1. The terms are related to accounting concepts. . Each term corresponds to one of the descriptions.

STEP 2

Let's start by matching the term "account" with the appropriate description. An account is a record where financial data is stored and summarized. It is a summary of the effects of all transactions related to a particular item over a period of time.
So, the term "account" matches with description4.

STEP 3

Next, let's match the term "analyze transactions". Analyzing transactions refers to the process of determining the dual effect of business events on the accounting equation.So, the term "analyze transactions" matches with description2.

STEP 4

Now, let's match the term "journal". A journal is a book where all transactions are recorded in chronological order.So, the term "journal" matches with description1.

STEP 5

Next, let's match the term "post". Posting is the process of transferring entries from the journal to the ledger accounts.So, the term "post" matches with description5.

STEP 6

Finally, let's match the term "trial balance". A trial balance is a list of all the General ledger accounts (both revenue and capital) contained in the ledger of a business, along with their balances.
So, the term "trial balance" matches with description3.
The final matching is as follows\begin{tabular}{|l|l|l|} \hline \multicolumn{1}{|l|}{ Terms } & \multicolumn{1}{|c|}{ Descriptions } \\ \hline1. Journal & & Record of all transactions affecting a company. \\ \hline2. Analyze transactions & & Determine the dual effect of business events on the accounting equation. \\ \hline3. Trial balance & & List of accounts and their balances. \\ \hline4. Account & & Summary of the effects of all transactions related to a particular item over a period of time. \\ \hline5. Post & & Transfer balances from the journal to the general ledger. \\ \hline\end{tabular}

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