chapters 1-10
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| business owned by one person | proprietorship
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| financial rights to the assets of a business | equities
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| an amount owed by a business | liability
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| the amount remaining after the value of all liabilities is subtracted by the value of all assets | owner's equity
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| account used to summarise the owner's equity in a business | capital account
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| a financial statement that reports assets; liabilities; and owners equities on a specific date | balance sheet
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| _______ is the language of business | accounting
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| the relationship between assets; liabilities; & owners equity can be written as an_________. | equation
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| the________ is the owner's equity account | capital
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| an increase in owners equity resulting from the operation of a business | revenue
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| a sale for which cash will be recieved at a later date | sale on account
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| a decrease in owners equity resulting from the operation of a business | expense
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| assets taken out of a business for the owners personal use | withdrawals
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| a ________ may be prepared on anyday | balance sheet
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| the side of an account that is increased | normal balance side
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| an amount recorded on the left side | debit
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| amount recorded on the right side | credit
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| a list of accounts used by a business | chart of accounts
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| the values of all things owned are on the account equation's_______________. | left side
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| the balues of all equities or claims against the assets are on the equations's_______________. | right side
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| an amount recorded on the left side of a t account is a _______. | debit
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| an amount recorded on the right side of a t account is a ________. | credit
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| the normal balance side of any asset account is the ________. | debit side
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| normal balance side of any liability account________. | credit
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| normal balance side of owner's capital account_______. | credit side
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| debits must always =________. | credits
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| normal balance side of any revenue account_________. | credit side
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| normal balance side of any expense account________. | debit side
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| normal balance side of owners drawing account________. | debit side
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| preparing a source document for each transction in an application of the accounting concept__________. | objective evidence
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| the account debited when cash is paid for supplies | supplies
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| the source document for a payment of cash is a ______. | check
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| a group of accounts | ledger
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| a ledger that contains all accounts needed to prepare financial statements | general ledger
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| the number assigned to an account | account number
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| the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current | file maitenance
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| writing the account title and heading of an account | opening an account
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| transferring information from a journal entry to a ledger account | posting
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| determing the amount of cash agrees with the balance of the cash account in the accounting records | proving cash
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| a journal entry made to correct an error in the ledger | correcting entry
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| expense accounts are arranged in __________. | chronological order.
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| a bank account from which payments can be ordered by a depositor | checking account
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| a signature or stamp on the back of a check; transferring ownership | endorsement
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| an endorsement consisting of only the owner's signature | blank endorsement
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| an endorsement indicating the new owner of a check | special endorsement
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| an endorsement restricting further trasnser of a check's ownership | restrictive endorsement
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| a check with a future date on it | postdated check
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| a report of deposits; withdrawals; and bank balances sent to a depositor by a bank | bank statement
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| a check that a bank refuses to pay | dishonored check
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| a computerized cash payment system that uses electronic impulses to transfer funds | electronic funds transfer
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| a form showing proof of a pretty cash payment | petty cash slip
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| when a deposit is made to a bank account; the bank issues a _______. | reciept
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| the length of time for which a business summarizes and reports financial information | fiscal period
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| a columnar accounting form used to summarize the general ledger information needed to prepare financial statements | work sheet
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| a proof of the equality of debits and credits in a general ledger | trial balance
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| changes recorded on a work sheet to update the general ledger accounts at the end of a fiscal period | adjustments
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| a financial statement showing the revenue and expenses for a fiscal period | income statement
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| the difference between total revenue and total expenses when total revenue is greater | net income
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| the difference betewwn total revenue and total expenses when total expenses is greater | net loss
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| journal entries recorded to update general ledger accounts at the end of a fiscal period | adjusting entries
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| accounts used to accumulate information from one fiscal period to the next | permanent accounts
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| accounts usred to accumulate information until it is transferred to the owner's capital account | temporary accounts
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| journal entries used to prepare temporary accounts for a new fiscal period | closing entries
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| a trial balance prepared after the closing entries are posted | post closing trial balance
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| the series of accounting activiies included in recording financial information for a fiscal period | accounting cycle
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| a business in which two or more persons combine their assets & skills | partnership
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| a business that purchases and sells goods | merchandising business
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| merchandising business that sells to those who use or consume the goods | retail merchandising business
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| goods that a merchandising business buys to sell | merchandise
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| a business that buys and resells merchandise to retail merchandising businesses | wholesale merchandising business
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| journal used to record only one kind of transaction | special journal
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| the amount added to the cost of merchandise to establish a selling price | markup
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| a business from which merchandise is purchased or supplies or other assets are bought | vendor
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| special journal used only to record purchases of merchandise on account | purchases journal
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| journal amount column headed with a title | special amount column
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| an invoice used as a rouce document for recording a purchase on account transaction | purchase invoice
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| an agreement between a buyer & a seller in terms of payment for merchandise | terms of sale
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| a journal amount column that is not headed with an account title | general amount column
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To hide a column, click on the column name.
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
kunkle7807
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