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Accounting

Chapter 1 vocab

TermDefinition
Account A record summarizing all the information pertaining to a single item in the accounting equation
Accounting equation AN equation showing the relationship among assets, liabilities, and owners' quity
Asset Anything of value that is owned
Cash Discount A deduction that a vendor allows on the invoice amount to encourage prompt payment.
Contra account An account that reduces a related account on a financial statement.
Controlling Account An account in a general ledger that summarizes all accounts in a subsidiary ledger.
Debt Memorandum A form prepared by the customer showing the price deduction for purchase returns and allowances.
Departmental Accounting System An accounting system showing accounting information for two or more departments
Double-Entry Accounting The recoding of debit and credit parts of a transaction.
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.
General Ledger A ledger that contains all accounts needed to prepare financial statements.
Journal A form for recoding transactions in chronological order.
Ledger A group of accounts.
Liability An amount owed by a business.
Merchandising Business A business that purchases and sells goods.
Owners' Equity The amount remaining after the value of all liabilities is subtracted form the value of all assets.
Petty Cash An amount of cash kept on hand and used for making small payments.
Posting Transferring transaction information from a journal entry to a ledger account.
Purchases Discount A cash discount on purchases taken by a customer.
Source Documents Business papers from which information is obtained for a journal entry.
Special Journal A journal used to record only one kind of transaction.
Stockholder's Equity The owners' equity in a corporation.
Subsidiary Ledger A ledger that is summarized in a single general ledger account.
Created by: TyKinneberg