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AR Acct. II-Unit 1-1
Review of accounting cycle
| Term | Definition |
|---|---|
| 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 |
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