accounting i chapters 1-8 vocabulary review. the amount in an account
TRANSCRIPT
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Accounting IChapters 1-8
Vocabulary Review
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The amount in an account.
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business ethics account balance debit
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A record summarizing all the information
pertaining to a single item in the accounting
equation.
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expenseaccountreceipt
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The name given to an account.
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chart of accounts liability account title
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Planning, recording, analyzing, and interpreting
financial information.
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double-entry accounting memorandum accounting
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An equation showing the relationship among assets,
liabilities, and owner’s equity.
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accounting equation normal balance chart of accounts
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Organized summaries of a business’s financial activities.
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transaction accounting records financial statements
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A planned process for providing financial information that will be useful to management.
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accounting system invoice memorandum
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The account used to summarize the owner’s equity in a business.
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capital asset T account
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Anything of value that is owned.
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liability asset owner’s equity
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A decrease in owner’s equity resulting from the operation of
a business.
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expense withdrawals owner’s equity
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The use of ethics in making business decisions.
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business ethics normal balance journalizing
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Financial rights to the assets of a business.
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sales invoicesale on account equities
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Financial reports that summarize the financial
condition and operations of a business.
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receiptfinancial statements journalizing
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An amount owed by a business.
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debit liability invoice
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The amount remaining after the value of all liabilities is
subtracted from the value of all assets.
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special amount column normal balance credit balance
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A business that performs an activity for a fee.
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credit service business Non-profit organization
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A business owned by one person.
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proprietorship T account cooperation
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An increase in owner’s equity resulting from the operation of
a business.
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journalizingrevenue ethics
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A sale for which cash will be received at a later date.
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sale on account expense proving cash
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A business activity that changes assets, liabilities, or owner’s
equity.
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withdrawals double-entry accounting transaction
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Assets taken out of a business for the owner’s personal use.
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financial statements withdrawals deposits
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The principles of right and wrong that guide an individual
in making decisions.
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financial statements general amount column ethics
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The side of the account that is increased.
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normal balance credit balancedebit balance
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A list of accounts used by a business.
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chart of accounts debit sales invoice
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An amount recorded on the right side of a T account.
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debit deposit credit
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An amount recorded on the left side of a T account.
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credit debit account balance
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An accounting device used to analyze transactions.
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special amount column T accountsource document
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A business form ordering a bank to pay cash from a bank
account.
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deposit slipmemo check
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Determining that the amount of cash agrees with the accounting records.
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proprietorship proving cash credit
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A journal amount column that is not headed with an account
title.
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chart of accounts general amount column special amount column
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The recording of debit and credit parts of a transaction.
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double-entry accounting proving cash accounting
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A form for recording transactions in chronological
order.
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checkbook source document journal
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Recording transactions in a journal.
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correctingjournalizingdouble-entry accounting
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A form on which a brief message is written describing a
transaction.
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memorandum invoicesales invoice
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A journal amount column headed with an account title.
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T-account normal balance special amount column
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A business form giving written acknowledgement for cash
received.
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normal balance check receipt
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A business paper from which information is obtained for a
journal entry.
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transaction source document memo
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The number assigned to an account.
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chart of accountsaccount numbercheck number
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An additional journal entry, used to correct an incorrect journal
entry.
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transactiongeneral journal entrycorrecting entry
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A ledger that contains all accounts needed to prepare
financial statements.
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general ledgergeneral journalwork sheet
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Transferring information from a journal entry to a ledger
account.
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adjusting an entrypostingproving cash
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A report of deposits, withdrawals, and bank
balances sent to a depositor by a bank.
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bank statementdeposit slipcheck
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An endorsement consisting only of the endorser’s signature.
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full endorsementblank endorsementspecial endorsement
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A bank card that automatically deducts the amount of a
purchase from the checking account of the cardholder.
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debit cardbirthday cardgift card
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A check that a bank refuses to pay.
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dishonored checkcertified checkpaycheck
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An amount of cash kept on hand and used for making
small payments.
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checking account balancepetty cashpiggy bank cash
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A check with a future date on it.
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postdated checkdishonored checkblank check
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Changes recorded on a work sheet to update general ledger accounts
at the end of a fiscal period.
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adjustmentstransactionsclosing entries
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A financial statement that reports assets, liabilities, and owner’s
equity on a specific date.
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worksheetbalance sheetincome statement
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The length of time for which a business summarizes and reports
financial information.
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born on dateaccounting periodfiscal period
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A financial statement showing the revenue and expenses for a fiscal
period.
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post-closing trial balancegeneral ledgerincome statement
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The difference between total revenue and total expenses when
total revenue is greater.
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net lossnet incomeneither
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The difference between total revenue and total expenses
when total expenses are greater.
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net incomenet lossneither
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A proof of the equality of debits and credits in a general ledger.
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trial balanceworksheetpost-closing trial balance
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A columnar accounting form used to summarize the general ledger information needed to prepare
financial statements.
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general journalgeneral ledgerworksheet
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Any persons or groups who will be affected by an action.
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CPA’sstakeholderssteakholders
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The series of accounting activities included in recording financial information for a fiscal period.
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fiscal periodaccounting cyclepost-closing cycle
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Journal entries recorded to update general ledger accounts
at the end of a fiscal period.
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closing entriesadjusting entriesjournal entries
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Journal entries used to prepare temporary accounts for a new
fiscal period.
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closing entriestransactionsjournal entries
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Accounts used to accumulate information from one fiscal
period to the next.
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permanent accountstemporary accountsneither
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Accounts used to accumulate information until it is transferred to the owner’s capital account.
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closing entriestemporary accountspermanent accounts
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CORRECT!!!!
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SORRY!!WRONG!