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AR Unit 2 Basic Acct

Arkansas Unit 2 Basic Accounting Cycle Service Business

QuestionAnswer
Account a record summarizing all the information pertaining to a single item in the accounting equation
Account balance the amount in an account
Account number the number assigned to an account
Account title the name given to an account
Accounting cycle the series of accounting activities included in recording financial information for a fiscal period
Accounting equation an equation showing the relationship among assets, liabilities, and owner's equity
Accounting period cycle concept changes in financial information are reported for a specific period of time in the form of financial statements
Accounting record an organized summary of a business's financial activities
Accounting system a planned process for providing financial information that will be useful to management
Adequate disclosure concept financial statements that contain all information necessary to understand a business's financial condition
Adjusting entries journal entries recorded to update general ledger accounts at the end of a fiscal period
Adjustments changes recorded on a work sheet to update general ledger accounts at the end of the fiscal period
Assets anything of value that is owned
Balance sheet a financial statement that reports assets, liabilities, and owner's equity on a specific date.
Business entity concept financial information is recorded and reported separately from the owner's personal financial information
Capital the account used to summarize the owner's equity in a business
Chart of accounts a list of accounts used by a business.
Closing entries journal entries used to prepare temporary accounts for a new fiscal period
Consistent reporting concept the same accounting procedures are followed in the same way in each accounting period
Correcting entry a journal entry made to correct an error in a ledger
Credit an entry to the right side of a T account
Debit an amount entered on the left side of a T account
Equities financial rights to the assets of a business
File maintenance the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current
Fiscal period the length of time for which a business summarizes and reports financial information
General ledger a ledger that contains all accounts needed to prepare financial statements
Going concern concept financial statements are prepared with the expectation that a business will remain in operation indefinitely
Income statement a financial statement showing the revenue and total expenses for a fiscal period
Ledger a group of accounts
Liability an amount owned by a business
Matching expenses with revenue concept revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period
Net income the difference between total revenue and total expenses when total revenue is greater
Net loss the difference between total revenue and total expenses when total expenses are greater
Objective evidence concept a source document is prepared for each transaction
Opening an account writing the account title and number on the heading of an account
Owner's equity the amount remaining after the value of all liabilities subtracted from the value of all assets
Permanent accounts accounts used to accumulate information from one fiscal period to the next
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
Temporary accounts accounts used to accumulate information until it is transferred to the owner's capital 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
Work sheet a columnar accounting form used to summarize the general ledger information needed to prepare financial statements
Created by: karenhaley