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Accounting Mid-Term
voc for mid-term test
| Question | Answer |
|---|---|
| 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
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