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Accounting Final

TermDefinition
accounting equation An equation showing the relationship among assets, liabilities, and owner's equity.
adjusting entries Journal entries recorded to update general ledger accounts at the end of a fiscal period.
balance sheet A financial statement that reports assets, liabilities, and owner's equity on a specific date.
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.
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.
revenue An increase in owner's equity resulting from the operation of a business.
service business A business that performs an activity for a fee.
source document A business paper from which information is obtained for a journal entry.
T account An accounting device used to analyze transactions.
temporary accounts Accounts used to accumulate information until it is transferred to the owner's capital account.
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.
blank endorsement An endorsement consisting only of the endorser's signature.
Created by: julieoelschlager
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