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Accountin I - Terms
Terms for Final Exam Review
| Question | Answer |
|---|---|
| Fiscal period | The length of time for which a business summarizes and reports financial information. |
| Work sheet | A columnar accounting form used to summarize the general ledger information needed to prepare financial statements. |
| Trial balance | A proof of the equality of debits and credits in a general ledger. |
| Adjustments | Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period. |
| Permanent accounts | Accounts used to accumulate information from one fiscal period to the next. |
| Temporary accounts | Accounts used to accumulate information until it is transferred to the owner’s capital account. |
| Closing entries | Journal entries used to prepare temporary accounts for a new fiscal period. |
| Accounting cycle | The series of accounting activities included in recording financial information for a fiscal period. |
| Partnership | A business in which two or more persons combine their assets and skills. |
| Merchandising business | A business that purchases and sells goods. |
| Net income | The difference between total revenue and total expenses is when total expenses are greater. |
| Net Loss | Total sales less sales discount and sales returns and allowances. |
| Special journal | A journal used to record only one kind of transaction. |
| Cost of merchandise | The prices a business pays for goods it purchases to sell. |
| Vendor | A business from which merchandise is purchased or supplies or other assets are bought. |
| Purchases journal | A special journal used to record only purchases of merchandise on account. |
| Terms of sale | An agreement between a buyer and a seller about payment for merchandise. |
| Cash payments journals | A special journal used to record only cash payment transactions. |
| Customer | A person or business to whom merchandise or services are sold. |
| Sales tax | A tax on a sale of merchandise or services. |
| Sales journal | A special journal used to record only sales of merchandise on account. |
| Cash receipts journal | A special journal used to record only cash receipt transactions. |
| Accounting equation | An equation showing the relationship amount assets, liabilities, and owner’s equity. |
| Proprietorship | A business owned by one person. |
| Revenue | An increase in owner’s equity resulting from the operation of a business. |
| Source document | A business paper from which information is obtained for a journal entry. |
| Asset | Anything of value that is owned. |
| Liabilities | An amount owed by a business. |
| Owner’s equity | The amount remaining after the value of all liability is subtracted from the value of all assets. |
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pattont3
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