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AR Acct. II-Unit 1-2

Unit 1 review of accounting cycle--30-58

TermDefinition
income a gain measured in money that derives from capital or labor; also the amount of such gain received by an individual in a given period of time
income statement a financial statement showing the revenue and expenses for a fiscal period
inventory the amount of goods on hand
journalizing recording transactions in a journal
liability an amount owed by a business
materiality the measurement, state, or quality of being material
memorandum a form on which a brief message is written describing a transaction
merchandise goods that a merchandising business purchases to sell
partnership a business in which two or more people combine their assets and skills
petty cash an amount of cash kept on hand and used for making small payments
post-closing trial balance a trial balance prepared after the closing entries are posted
posting transferring information from a journal entry to a ledger account
proprietorship a business owned by one person
proving determining that amounts are in agreement or in balance
proving cash determining that the amount of cash agrees with the accounting records
public accounting firm a business selling accounting services to the general public
purchase to gain possession by paying money or the equivalent
receipt a business form giving written acknowledgment for cash received
reconciling verifying that information on a bank statement and a checkbook are in agreement
source document a business paper from which information is obtained for a journal entry
revenue an increase in owner's equity resulting from the operation of a business
special amount column a journal amount column headed with an account title
stockholder's equity a division of a major chart of accounts which lists owners' equity accounts for a corporation
subsidiary ledger a ledger that is summarized in a single general ledger account
transaction a business activity that changes assets, liabilities, or owner's equity
trial balance a proof of the equality of debits and credits in a general ledger
vendor a business from which merchandise is purchased or supplies or other assets are bought
withdrawal assets taken out of a business for the owner's personal use
work sheet a columnar accounting form used to summarize the general ledger information needed to prepare financial statements
Created by: petrayk