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Acctg II - Ch 1

Maplewood Rice Ch 1 Vocab

QuestionAnswer
asset anything of value that is owned
equities financial rights to the assets of a business
liability an amount owned by a business
Owner's equity the amount remaining after the value of all liabilities is subtracted from the value of all assets
Accounting Equation an equation showing the relationship among assets, liabilities, and owner's equity
Source Document Information about business transaction is obtained from original business papers
Journal a form for recording transactions in chronological order
Special Journal entry a journal used to record only one kind of transaction
Double-entry accounting the recording of debit and credit parts of a transaction
Account a record summarizing all the information pertaining to a single item in the accounting equation
Ledger a group of accounts
General Ledger a ledger that contains all accounts needed to prepare financial statements
Subsidiary Ledger a ledger that is summarized in a single general ledger account
Controlling account an account in a general ledger that summarizes all accounts in a subsidiary ledger
File maintenance the procedure for arranging accounts in a general ledger assigning account numbers and keeping records
Departmental accounting system an accounting system showing accounting information for two or more departments
Merchandising business a business that purchased and sells good
Posting Transferring information from a journal entry to a ledger account
Debit memorandum a form prepared by the customer showing the price deduction taken by the customer for returns and allowances
Contra account an account that reduces a related account on a financial statement
Contra balance an account balance that is opposite the normal balance
Cash discount a deduction that a vendor allows on the invoice amount to encourage age prompt payment
Purchases discount a cash discount taken by a customer
Petty cash an amount of cash kept on hand and used for making small payments
Bank statement a report of deposits, withdrawals, and bank balances sent to a depositor by a bank