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AR Acct. II-Unit 1-2
Unit 1 review of accounting cycle--30-58
| Term | Definition |
|---|---|
| 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 |
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