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AccountingMidtermExa
| Question | Answer |
|---|---|
| Service Business | a business that performs an activity for a fee |
| proprietorship | a business owned by one person |
| asset | anything that is owned |
| liability | an amount owed by a business |
| owners equity | the amount remaining after the value of all liabilities is subtracted from the value of all assets |
| accounting equation | assets= liabilities + oe |
| transaction | a business activity that cahanges assets liabilities or owners equity |
| account | a record summarizing all the info pertaining to a singled item in the accounting equation |
| account title | name given to an account |
| account balance | the amount in an account |
| capital | the account used to summarize the oe in a business |
| balance sheet | a financial statement that reports assets liabilities and owners equity on a specific date |
| revenue | an increase in owners equity resulting from the operation of a business |
| expense | a decrease in owners equity resulting from the operation of a business |
| withdrawl | assets taken out of a business for the owners personal use |
| t account | an accounting device used to analyze transactions |
| debit | an amount recorded on the left side of a t account |
| credit | an amount recorded on the right side of a t account |
| chart of accounts | list of accounts used by a business |
| contra account | an account that reduces a related account on a financial statement |
| journal | a form of recording transactions in chronological order |
| journalizing | recording transactions in a journal |
| special amount column | a journal amount column headed with an account title |
| general amount column | a journal amount column that is not headed with an acoount title |
| entry | info for each transaction recorded in a journal |
| double entry accounting | a recording of debit and credit parts of a transaction |
| source document | a business paper from which info is obtained for a journal |
| check | a business form ordering a bank to pay cash from a bank account |
| reciept | a business form giving written acknowlegement for cash recieved |
| memorandum | a form on which a brief message is written describing a transaction |
| proving cash | determining that the amount of cash agrees with the accounting records |
| ledger | a group of accounts |
| general ledger | a ledger that contains all accounts needed to prepare financial statements |
| account number | the number assigned to an account |
| file maintenance | the procedure for arranging accounts in a general ledger assigning numbers and keeping records current |
| opening an account | writing an account title and number on the heading of an account |
| posting | transferring info from a journal entry to a ledger account |
| checking account | a bank account from which payments can be ordered by a depositor |
| endorsement | a signature or stamp on the back of the check transferring ownership |
| blank endorsement | an endorsment consiting only of the endorsers signature |
| special endorsement | an endorsement indicatig a new owner of a check |
| restrictive endorsement | an endorsement restricting further transfer of a checks ownership |
| postdated check | a check with a future date on it |
| bank statement | a report of deposits withdrawls and bank balance sent to a depositor by a bank |
| dishonored check | a check that a bank refuses to pay |
| electronic funds transfer | a computerized cash payments system that uses electrong impulses to transfer fundds |
| petty cash | an amount of cash kept on hand and used for making small payments |
| petty cash slip | a form showing proof of a petty cash payment |
Created by:
15jordansmith
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