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AR Acct. II-Unit 1-1

Review of accounting cycle

TermDefinition
accountant a person who handles a broad range of jobs related to the making of choices and decisions about the design for a business accounting system and the preparation and explanation of financial reports
accounting planning, recording, analyzing, and interpreting financial activities
accounting clerk entry-level job that can vary with the size of the company from specialization in one part of the system to a wide range of record keeping tasks
accounts payable the amount of money owed, or payable, to the creditors of a business
accounts receivable the total amount of money owed to a business
adjusting entry journal entries recorded to update general ledger accounts at the end of a fiscal period
adjustments an amount that is added to or subtracted from an account balance to bring the balance up to date
asset anything of value that is owned
balance sheet a financial statement that reports assets, liabilities, and owner's equity on a specific date
bookkeeper a person who keeps regular, concise, accurate records of business transactions by entering them in account books
capital the account used to summarize the owner's equity in a business
chart of accounts a list of accounts used by a business
check a business form ordering a bank to pay cash from a bank account
chronological arranged in or according to the order of time
closing entry journal entries used to prepare temporary accounts for a new fiscal period
contra account an account whose balance decreases another account's balance
corporation an organization with the legal rights of a person and which may be owned by many people
double-entry accounting the recording of debit and credit parts of a transaction
drawing an account showing the total assets taken out of the business by the owner
entry-level jobs the first jobs that individuals get
equity financial rights to the assets of a business
ethical conforming to accepted and established professional standards of conduct
expenses a decrease in owner's equity from the operation of a business
financial statement a report prepared to summarize the changes resulting from business transactions that occur during an accounting period
fiscal period the length of time for which a business summarizes and reports financial information
general journal a journal with two amount columns in which all kinds of entries can be recorded
general ledger a ledger that contains all accounts needed to prepare financial statements
general office clerk may be in charge of a small cash fund, file accounting records, type accounting reports
Created by: petrayk