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Accounting Terms 1.0

Accounting Terms 1.00

ACCOUNTING planning, recording, analyzing, and interpreting information
ASSET anything of value that is owned
CAPITAL the account used to summarize the own'ers equity in a business
CHECK STUB a business form that orders a bank to pay cash from a bank account
COMPETENCE accountants must be knowledgeable of their profession
CONFIDENTIALITY accountants must not share private information regarding their clients
CREDIT an amount recorded on the right side of a T-account
DEBIT an amount recorded on the left side of a T-account
ENTRY consists of four parts: date, debit, credit, and source document and is recorded in the journal for each transaction
EQUATION assets=liabilities + owner's equity
EQUITIES the financial rights to the assets of a business
EXPENSE a decrease in the owner's equity resulting from the operation of a business
INDEPENDENCE accountants do not have an interest or profit financially from the companies they audit
INTEGRITY accountants choosing between right and wrong
INVOICE contains the date of the transaction, quantity, description, cost of each item, and payment terms
JOURNAL a form that is used to record transactions in chronological order
JOURNALIZING the process of recording the transactions in a journal
LIABILITY an amount owed by a business
MEMORANDUM a form that contains a brief message describing a transaction
OBJECTIVITY accountants must be impartial, honest, and free of personal conflicts
PROPRIETORSHIP a business owned and controlled by one owner
RECEIPT shows the date payment was made and in business, provided the name of the person or business that paid and the amount
REVENUE an increase in owner's equity resulting from the operation of a business
SOURCE DOCUMENT a business paper that contains the information needed to record the journal entry
T-ACCOUNT an accounting device used to analyze transactions
TRANSACTION a business activity that changes assets, liabilities, or owner's equity
WITHDRAWALS assets taken out of a business for the owner's personal use
NORMAL BALANCE the side of the account that is increased
CHART OF ACCOUNTS a list of accounts used by a business
SERVICE BUSINESS a business that performs an activity for a fee
SALE ON ACCOUNT a sale for which cash will be received at a later date
CAPITAL the account used to summarize the owner's equity in a business
REVENUE an increase in owner's equity resulting from the operation of a business
ACCOUNTING RECORDS organized summaries of a busineess's financial activities
Created by: tomlinc