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Accounting Midterm

chapters 1-10

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

 



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