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AccountingMidtermExa

QuestionAnswer
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