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Accounting Vocab

Vocabulary

QuestionAnswer
Asset Anything of value that is OWNED
Liability An amount OWED by a business
Capital Worth of a business
Proprietorship Business owned by one person
Accounting Planning, Recording, Analyzing, and Interpreting financial information
Transaction A business activity that changes assets, liabilities, or owner's equity
Revenue An increase in capital resulting from the operation of a business
Expense An decrease in capital resulting from the operation of a business
Withdrawal Assets taken out of a business for the owner's personal use
Debit Left side
Credit Right side
T-account an accounting device used to analyze transactions
Journal a form that records transactions chronologically
Source Document proof for a journal entry
General Journal a journal where all kinds of transactions can be recorded
Ledger a group of accounts
General Ledger contains all the necessary accounts to prepare financial statements
Posting transferring information from the journal to the ledger
Endorsement transferring ownership of check by signing or stamping the back of the check
Dishonored Check a check the bank refuses to pay
Reconciling a Bank Statement verifying that the information on a bank statement and a checkbook are in agreement
Fiscal Period financial time period
Adjusting Entries entries that update accounts
Closing Entries entries that set temporary accounts and zero and update capital
Work Sheet nonpermanent document that assists in the preparation of financial statements
Income Statement financial statement which reports net income or loss
Balance Sheet financial statement which shows what a company owns, owes, and is worth
Created by: coleman