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Accounting vocab

TermDefinition
Planning, recording, analyzing, and interpreting financial information. Accounting
A planned process for providing financial information that will be useful to management. Accounting system
Organized summaries of a business's financial activities. Accounting records
Financial reports that summarize the financial condition and operations of a business. Financial statements
A business that performs an activity for a fee. Service business
A business owned by one person. Proprietorship
Anything of value that is owned. Asset
Financial rights to the assets of a business. Equities
An amount owed by a business. Liability
The amount remaining after the value of all liabilities is subtracted from the value of all assets. Owner's equity
The equation showing the relationship among assets, liabilities, and owner's equity. Accounting equation
The principles of right and wrong that guide an individual in making decisions. Ethics
The use of ethics in making business decisions. Business ethics
A business activity that changes assets, liabilities, or owner's equity. Transaction
A record summarizing all the information pertaining to a single item in the accounting equation. Account
The name given to an account. Account title
The amount in an account. Account balance
The account used to summarize the owner's equity in a business. Capital
An increase in owner's equity resulting from the operation of a business. Revenue
A sale for which cash will be received at a later date. Sale on account
A decrease in owner's equity resulting from the operation of a business. Expense
Assets taken out of a business for the owner's personal use. Withdrawals
Accounting device used to analyze transactions. T-account
Recorded on the left side. Debit
Recorded on the right side. Credit
Side that increases on a T-account. Normal balance
A form for recording transactions in chronological order. Journal
Recording transactions in a journal. Journalizing
A journal amount column headed with an account title. Special amount column
A journal amount column that is not headed with an account title. General amount column
Information for each transaction recorded in a journal. Entry
The recording of debit and credit parts of a transaction. Double-entry accounting
A business paper from which information is obtained for a journal entry. Source document
A business form ordering a bank to pay cash from a bank account. Check
A form describing the goods or services sold, the quantity, and the price. Invoice
An invoice used as a source document for recording a sale on sale account. Sales invoice
A business form giving written acknowledgement for cash received. Recipt
A form on which a brief message is written describing a transaction. Memorandum
Determining that the amount of cash agrees with the accounting records. Providing cash
A statement that guides the ethical behavior of a company and its employees. Code of conduct
A bank account from which payments can be ordered by a depositor. Checking account
A signature or stamp on the back of a check, transferring ownership. Endorsement
An endorsement consisting only of the endorser's signature. Blank endorsement
An endorsement indicating a new owner of a check. Special endorsement
An endorsement restricting further transfer of a check's ownership. Restrictive endorsement
A check that a bank refuses to pay. Dishonored check
A report of depositions, withdrawals, and bank balances sent to a depositor by a bank. Bank statements
A check with a future date on it. Postdated check
A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents. Electronic funds transfer
A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder. Debit card
An amount of cash kept on hand and used for making small payments. Petty cash
A form showing proof of a petty cash payment. Petty cash slip
Journal entries recorded to update general ledger accounts at the end of a fiscal period. Adjusting entries
Accounts used to accumulate information from one fiscal period to the next. Permanent accounts
Journal entries used to prepare temporary accounts for a new fiscal period. Closing entries
Show changes in the owner's capital for a single fiscal period. Temporary account
A trial balance prepared after the closing entries are posted. Post-closing trial balance
The series of accounting activities included in recording financial information for a fiscal period. Accounting cycle
Created by: Valire