Journal Entry Exercise - Fall 2019 - Question.docx - TAYLOR\u2019S UNIVERSITY AMERICAN DEGREE PROGRAM FALL 2019 SEMESTER ACCT 201(Due in class QUESTION 1(7

Journal Entry Exercise - Fall 2019 - Question.docx -...

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TAYLOR’S UNIVERSITY AMERICAN DEGREE PROGRAM FALL 2019 SEMESTER - ACCT 201 (Due Sept 18, 2019 in class) QUESTION 1 (7 marks)Listed below are nine technical accounting terms. Matching Principle Debit Trial Balance Double Entry Credit Journal Accounting Cycle Ledger Conservatism (A) The accounting record in which transactions are initially recorded. Journal (B) A concept designed to avoid overstatement of the financial strength of a company. Conservatism (C) A schedule prepared to determine the equality of the debit and credit amounts in the ledger. Trial Balance (D) An amount entered in the right side of a ledger account. Credit (E) The sequence of procedures involved in recording transactions, processing the information in the accounting system, and summarizing the information in the form of financial statements. Accounting Cycle (F) The accounting record that contains a separate account for each type of asset and liability, and for each element of owners' equity appearing in the balance sheet.

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