Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
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

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
Popular Accounting sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards