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Accountin I - Terms

Terms for Final Exam Review

QuestionAnswer
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.
Created by: pattont3