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Accounting Mid-Term

voc for mid-term test

QuestionAnswer
a record summarizing all the information pertaining to a single item in the accounting equation account
the amount in an account account ballance
the name given to an account account title
planning,recording, analyzing, and interpreting financial information accounting
an equation showing the relationship among assets, liabilities, and owner's equity accounting equation
organized summaries of a business's financial information accounting records
a planned process for providing financial information that will be useful to management accounting system
anything of value that is owned asset
the use of ethics in making business decisions business ethics
the account used to summarize the owner's equity in a business capital
financial rights to the assets of a business equities
the principles of right and wrong that guide an indicidual in making decisions ethics
a decrease in owner's equity resulting from the opperation of a business expense
financial reports that summarize the financial conditions and operations of a business finanicial statements
an amount owed by a business liability
the amount remaining after the value of all liabilities is subtracted from the value of all assets owner's equity
a business owned by one person proprietorship
an increase in owner's equity resulting from the operation of a business revenue
a sale for which cash will be received at a later date sale on account
a business that performs an activity for a fee service business
a business activity that changes assets, liabilties, or owner's equity transaction
assets taken out of a business for the owner's personal use withdrawals
a list of accounts used by a business chart of accounts
an amount recorded o nthe right side of a T account credit
an amount recorded on the left side of a T account debit
the side of the account that is increased normal ballance
an accounting device ysed to analyze transactions T account
a business form ordering a bank to pay cash from a bank account check
the recording of debit and credit parts of a transaction double-entry accounting
information for each transaction recorded in a journal entry
a journal with two amount columns in which all kinds of entries can be recorded general journal
a form describing the goods or services sold, the quantity, and the price invoice
a form for recording transactions in chronological order journal
recording transactions in a journal jornalizing
a form on which a brief message is written describing a transaction memorandum
a business form giving written acknowledgement for cash received receipt
an invoice used as a source document for recording a sale on account sales invoice
a business paper from which information is obtained for a journal entry source document
the number assigned to an account account number
a journal entry made to correct an error in the ledger correcting entry
the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current file maintenance
a ledger that contains all accounts needed to prepare for financial statements general ledger
a group of accounts ledger
writting an account title and number on the heading of an account opening an account
determining that the amount of cash agrees with the balance of the cash account in the accounting records posting
determinig that the amount of cash agrees with the balance of the cash account in the accounting records proving cash
Created by: tori22