Busy. Please wait.
Log in with Clever

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever

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.
Didn't know it?
click below
Knew it?
click below
Don't Know
Remaining cards (0)
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

Acctg II - Ch 1

Maplewood Rice Ch 1 Vocab

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
Popular Accounting sets




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:
restart all cards