Maplewood Rice Ch 1 Vocab
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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| asset | anything of value that is owned
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| equities | financial rights to the assets of a business
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| liability | an amount owned by a business
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| Owner's equity | the amount remaining after the value of all liabilities is subtracted from the value of all assets
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| Accounting Equation | an equation showing the relationship among assets, liabilities, and owner's equity
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| Source Document | Information about business transaction is obtained from original business papers
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| Journal | a form for recording transactions in chronological order
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| Special Journal entry | a journal used to record only one kind of transaction
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| Double-entry accounting | the recording of debit and credit parts of a transaction
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| Account | a record summarizing all the information pertaining to a single item in the accounting equation
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| Ledger | a group of accounts
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| General Ledger | a ledger that contains all accounts needed to prepare financial statements
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| Subsidiary Ledger | a ledger that is summarized in a single general ledger account
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| Controlling account | an account in a general ledger that summarizes all accounts in a subsidiary ledger
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| File maintenance | the procedure for arranging accounts in a general ledger assigning account numbers and keeping records
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| Departmental accounting system | an accounting system showing accounting information for two or more departments
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| Merchandising business | a business that purchased and sells good
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| Posting | Transferring information from a journal entry to a ledger account
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| Debit memorandum | a form prepared by the customer showing the price deduction taken by the customer for returns and allowances
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| Contra account | an account that reduces a related account on a financial statement
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| Contra balance | an account balance that is opposite the normal balance
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| Cash discount | a deduction that a vendor allows on the invoice amount to encourage age prompt payment
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| Purchases discount | a cash discount taken by a customer
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| Petty cash | an amount of cash kept on hand and used for making small payments
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| Bank statement | a report of deposits, withdrawals, and bank balances sent to a depositor by a bank
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Created by:
lrice@penncrest.org
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