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Accounting Principle

Accounting Terms/Vocabulary

TermDefinition
Accounting Cycle the series of accounting activities included in recording financial information for a fiscal period.
Accounts Payable Ledger a subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.
Accounts Receivable Ledger a subsidiary ledger containing only accounts for charge customers.
Accumulated depreciation the total amount of depreciation expense that has been recorded since the purchase of a plan asset.
Adjusting entries journal entries recorded to update general ledger accounts at the end of a fiscal period.
Asset anything of value that is owned.
Bank statement a report of deposits withdrawals, and bank balances sent to a depositor by a bank.
Capital The account used to summarize the owner's equity in a business.
Capital Stock Total shares of ownership in a corporation.
Closing Entries Journal entries used to prepare temporary accounts for a new fiscal period.
Code of Conduct A statement that guides the ethical behavior of a company and its employees.
Corporation An organization with the legal rights of a person and which may be owned by many persons.
Credit An amount recorded on the right side of a T-account.
Current Assets Cash and other assets expected to be exchanged for cash or consumed within a year.
Debit An amount recorded on the left side of a T-account.
Dividends Earnings distributed to stockholders.
Entry Information for each transaction recorded in a journal.
Expense A decrease in owner's equity resulting from the operation of a business.
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.
Liability An amount owed by a business.
Long-Term Liabilities Liabilities owed for more than a year.
Owner's Equity The amount remaining after the value of all liabilities is subtracted from the value of all assets.
Revenue An increase in owner's equity resulting from the operation of a business.
Stockholder An owner of one or more shares of a corporation.
T-account An accounting device used to analyze transactions.
Created by: jtennantgoc
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