accounting has its own vocabulary and basic relationships 538298

Using accounting vocabulary

Accounting has its own vocabulary and basic relationships.

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Requirement

1. Match the accounting terms on the left with the corresponding definitions on the right.

1.Equity

A. Using up assets in the course of operating a business

2.Debit

B. Book of accounts

3.Expense

C. An asset

4.Net income

D. Record of transactions

5.Ledger

E. Left side of an account

6.Posting

F. Side of an account where increases are recorded

7.Normal balance

G. Copying data from the journal to the ledger

8.Payable

H. Always a liability

9.Journal

I. Revenues – Expenses =

10.Receivable

J. Assets – Liabilities =

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