Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Unit 2: Basic Acc
| Question | Answer |
|---|---|
| Account | a record summarizing all the information pertaining to a single item in the accounting equation |
| Account Balance | the amount in the account |
| Account Number | the number assigned to an account |
| Account Title | the name assigned to an account |
| Accounting Cycle | the series of accounting activities included in recording financial information for a fiscal period |
| Accounting Equation | assets= liabilities + owner's equity |
| Accounting Period Cycle Concept | changes in financial information are reported for a specific period of time in the form of financial statements |
| Account | a record summarizing all the information pertaining to a single item in the accounting equation |
| Account Balance | the amount in the account |
| Account Number | the number assigned to an account |
| Account Title | the name assigned to an account |
| Accounting Cycle | the series of accounting activities included in recording financial information for a fiscal period |
| Accounting Equation | assets= liabilities + owner's equity |
| Accounting Period Cycle Concept | changes in financial information are reported for a specific period of time in the form of financial statements |
| Accounting Record | an organized summary of a business's financial activities |
| Accounting System | A planned process for providing financial information that will be useful to management |
| Adequate Disclosure Concept | financial statements that contain all information necessary to understand a business's financial condition |
| Chart of Accounts | a list of account used by a business |
| Adjustment entries | journal entries recorded to update general ledger accounts at the end of a fiscal period |
| Adjustments | changes recorded on a worksheet to update general ledger accounts at the end of the fiscal period |
| Assets | anything of value that is owned |
| Balance sheet | a financial statement that reports assets, liabilities, and owner's equity on a specific date |
| Business Entity Concept | financial information is recorded and reported separately form the OE |
| Capital | account used to summarize the OE in a business |
| Chart of Accounts | a list of account used by a business |
| Closing Entries | journal entries used to prepare temporary accounts for a new fiscal period |
| Consistent Reporting Concept | the same accounting procedures are followed |
| Correcting Entries | a journal entry made to correct an error |
| Credit | an entry to the right side of the T account |
| Debit | an amount entered on the left side of a T account |
| Equities | financial rights to the assets of a business |
| File Maintainence | the procedure for arranging accounts in a general ledger |
| General Ledger | a ledger that contains all accounts needed to prepare financial statements |
| Fiscal Period | the length of time for which a business summarizes and reports financial information |
| Going Concern Concept | |
| General Ledger | a ledger that contains all accounts needed to prepare financial statements |
| Going Concern Concept | financial stat |
| Income statement | a financial statement showing the revenue and total expenses for a fiscal period |
| Ledger | a group of accounts |
| liability | an amount owed to a business |
| Matching expenses with revenue concept | revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period |
| Net Income | the difference between total revenue and total expenses when total revenue is greater |
| Net Loss | the difference between total revenue and expenses when expenses are greater |
| Objective Evidence Concept | a source document is prepared for each transaction |
| Opening an Account | writing the account title and number on the heading of an account |
| Owner's Equity | the amount remaining after the value of all liabilities subtracted from the value of all assets |
| Permanent accounts | accounts used to accumulate information from one fiscal period to the next |
| Post-Closing Trial Balance | a trial balance prepared after the closing entries are posted |
| Posting | transferring information from a journal entry to a ledger |
| Proprietorship | a business owned by one person |
| Temporary Accounts | accounts used to accumulate information until it is transferred to the owner's capital account |
| Transaction | a business activity that changes assets, liabilities, or owner's equity |
| Trial Balance | a proof of the equality of debits and credits |
| Work Sheet | a columnar accounting form used to summarize the general ledger information needed to prepare financial statements |
Created by:
jtroush
Popular Accounting sets