4. Posting reference A simple form used as a helpful tool in column understanding the effect of transactions and events on specific accounts. 9 5. Posting Liabilities created when customers pay in advance for products or services; satisfied by delivering the products or services in the future. 1 6. Trial Balance A journal entry that affects at least three accounts. 7 7. Compound journal A column in journals where individual account entry numbers are entered when entries are posted to ledger accounts. 4 8. Account The process of transferring journal entry information to the ledger. 5 9. T-account A record of the increases and decreases in a specific asset, liability, equity, revenue, or expense account. 8 10. General journal A list of accounts and their balances at a point in time; the total debit balances should equal the total credit balances. 6 Blooms Taxonomy: Remember AACSB: Analytic AACSB: Communication AICPA BB: Critical Thinking AICPA BB: Industry AICPA FN: Measurement AICPA FN: Reporting Difficulty: 1 Easy Learning Objective: 02-C1 Learning Objective: 02-C4 Learning Objective: 02-P Topic: Unearned Revenue Topic: Chart of Accounts Topic: Note Receivable Topic: Unearned Revenue Topic: Posting Topic: Trial Balance Topic: Compound Journal Entry Topic: Account Topic: T account Topic: Journal [Question]
4. Posting reference column A simple form used as a helpful tool in understanding the effect of transactions and events on specific accounts. 9 5. Posting Liabilities created when customers pay in advance for products or services; satisfied by delivering the products or services in the future. 1 6. Trial Balance A journal entry that affects at least three accounts. 7 7. Compound journal entry A column in journals where individual account numbers are entered when entries are posted to ledger accounts. 4 8. Account The process of transferring journal entry information to the ledger. 5 9. T-account A record of the increases and decreases in a specific asset, liability, equity, revenue, or expense account. 8 10. General journal A list of accounts and their balances at a point in time; the total debit balances should equal the total credit balances. 6 Blooms Taxonomy: Remember AACSB: Analytic AACSB: Communication AICPA BB: Critical Thinking AICPA BB: Industry AICPA FN: Measurement AICPA FN: Reporting Difficulty: 1 Easy Learning Objective: 02-C1 Learning Objective: 02-C4 Learning Objective: 02-P Topic: Unearned Revenue Topic: Chart of Accounts Topic: Note Receivable Topic: Unearned Revenue Topic: Posting Topic: Trial Balance Topic: Compound Journal Entry Topic: Account Topic: T account Topic: Journal [Question]
Test-Bank-for-Financial-Accounting-Fundamentals-4th-Edition-by-Wild.docx