Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Accounting Final
Vocab for final
| Term | Definition |
|---|---|
| Balance Sheet | A financial statement that reports assets, liabilities, and owner's equity on a specific date. |
| Accounting | Planning, recording, analyzing, and interpreting financial information. |
| Accounting Equation | An equation showing the relationship among assets, liabilities, and owner's equity. |
| Transaction | A business activity that changes assets, liabilities, or owner's equity. |
| Accounting System | A planned process for providing financial information that will be useful to management. |
| Accounting Balance | The amount in an account. |
| Capital | The account used to summarize the owner's equity in a business. |
| Owner's Equity | The amount remaining after the value of all liabilities is subtracted from the value of all assets. |
| Account | A record summarizing all the information pertaining to a single item in the accounting equation. |
| Accounting Records | Organized summaries of a business's financial activities. |
| Asset | Anything of value that is owned. |
| Proprietorship | A business owned by one person. |
| Equities | Financial rights to the assets of a business. |
| Service Business | A business that performs an activity for a fee. |
| Liabilities | An amount owed by a business. |
| Account Title | The name given to an account. |
| Check | A business form ordering a bank to pay cash from a bank account. |
| Double-Entry Accounting | The recording of debit and credit parts of a transaction. |
| Entry | Information for each transaction recorded in a journal. |
| General Amount Column | A journal amount column that is not headed with an account title. |
| Invoice | A form describing the goods and services sold, the quantity, and the price. |
| Journal | A form for recording transactions in chronological order. |
| Journalizing | Recording transactions in a journal. |
| Memorandum | A form on which a brief message is written describing a transaction. |
| Proving Cash | Determining that the amount of cash agrees with the accounting records. |
| Receipt | A business form giving written acknowledgement for cash received. |
| Sales Invoice | An invoice used as a source document for recording a sale on account. |
| Source Document | A business paper from which information is obtained for a journal entry. |
| Special Amount Column | A journal amount column headed with an account title. |
| Objective Evidence | Preparing source documents for each transaction is an application of the accounting concept... |
| Bank Statement | A report of deposits, withdraws, and bank balances sent to a depositor by a bank. |
| Blank Endorsement | An endorsement consisting only of the endorser's signature. |
| Checking Account | A bank account from which payments can be ordered by a depositor. |
| Debit Card | A bank card that, when making purchases, automatically deducts the amount of the purchase from the checking account of the cardholder. |
| Dishonored Check | A check that a bank refuses to pay. |
| Electronic Funds Transfer (EFT) | A computerized cash payments system that uses electronic impulses to transfer funds. |
| Endorsement | A signature or stamp on the back of a check transferring ownership. |
| Petty Cash | An amount of cash kept on hand and used for making small purchases. |
| Petty Cash Slip | A form showing proof of a petty cash statement. |
| Postdated Check | A check with a future date. |
| Restrictive Endorsement | AN endorsement restricting further transfer of a check's ownership. |
| Special Endorsement | An endorsement indicating a new owner of a check. |
| Adjustments | Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period. |
| Fiscal Period | The length of time for which a business summarizes and reports financial information. |
| Income Statement | A financial statement showing the revenue and expenses for a fiscal 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 is greater. |
| 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. |
| Matching Expenses with Revenue | Recording revenue from business activities and expenses associated with earning that revenue in the same accounting period is an application of the accounting concept... |
| Accounting Period Cycle | Reporting changes in financial information for a specific period of time in the form of financial statements is an application of the accounting concept... |
| Consistent Reporting | Following the same accounting procedures in the same way in each accounting period is an application of the accounting concept... |
Created by:
elanawinders1
Popular Accounting sets