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Accountin I - Terms
Terms for Final Exam Review
|The length of time for which a business summarizes and reports financial information.
|A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
|A proof of the equality of debits and credits in a general ledger.
|Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period.
|Accounts used to accumulate information from one fiscal period to the next.
|Accounts used to accumulate information until it is transferred to the owner’s capital account.
|Journal entries used to prepare temporary accounts for a new fiscal period.
|The series of accounting activities included in recording financial information for a fiscal period.
|A business in which two or more persons combine their assets and skills.
|A business that purchases and sells goods.
|The difference between total revenue and total expenses is when total expenses are greater.
|Total sales less sales discount and sales returns and allowances.
|A journal used to record only one kind of transaction.
|Cost of merchandise
|The prices a business pays for goods it purchases to sell.
|A business from which merchandise is purchased or supplies or other assets are bought.
|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.
|A person or business to whom merchandise or services are sold.
|A tax on a sale of merchandise or services.
|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.
|An equation showing the relationship amount assets, liabilities, and owner’s equity.
|A business owned by one person.
|An increase in owner’s equity resulting from the operation of a business.
|A business paper from which information is obtained for a journal entry.
|Anything of value that is owned.
|An amount owed by a business.
|The amount remaining after the value of all liability is subtracted from the value of all assets.