Busy. Please wait.
Log in with Clever

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever

Username is available taken
show password

Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Didn't know it?
click below
Knew it?
click below
Don't Know
Remaining cards (0)
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

AR Acct. II-Unit 1-1

Review of accounting cycle

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
Popular Accounting sets




Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
restart all cards