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Cherokee 1 lvl 2

Cherokee 1 lvl 2 study guide

QuestionAnswer
Revenue An increase in owners Equity resulting from the operation of a buisness
Sale On Account sale for which cash will be recieved at a later date
Realization Of Revenue applies when revenue is recorded at the time goods or services are sold
Expense A decrease in Owners Equity resulting from the operation of a buisness
Withdrawls Assets taken out of an account for the owners personal use
Accounting equation Assets = liabalites + Owners Equity
T Account an accounting device used to analyze transactions
Normal Balance the side of an account that is increased
Debit An amount recorded on the left side
Credit An amount recorded on the right side
Chart Of Accounts A list of accounts used by a buisness
Journal A form for recording transactions in chronological order
Journalizing Recording transactions in a journal. Entry- Information for each transaction recorded in a journal
General Journal a journal with two amount columns in which all kinds of entries can be recorded
Double-Entry Accounting recording of debit and credit parts of a transaction
Source Document A buisness peper from which information is obtained for a journal entry
Objective Evidence applied when a source document is prepared for each transaction
Check A buisness form ordering a bank to pay cash from a bank account
Invoice form describing the goods or services sold, the quantity, and the price
Sales Invoice invoice used as a source document for recording a sale on account
Recipt A business form giving written acknowledgement for cash recieved
Memorandum form on which a brief message describing a transaction
Ledger A group of accounts
General Ledger contains all accounts needed to prepare financial statements
Account Number The number given to an account
File Maintenance the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current
Opening an account writing an account title and number on the heading of an account
Posting Transfering from a journal entry to a ledger account
Bank Statement A report of Deposits, withdrawls, and bank balances sent to a depositor by a bank
Dishonored Check a check that a bank refuses to pay
EFT computerized cash payments system that uses electronic impulses to transfer funds
Debit Card card that automatically deducts the amount of the purchase from the checking account of the card holder
Petty Cash amount of cash kept on hand used for making small cash payments
Petty Cash Slip a form showing proof of a petty cash payment.
Created by: accountingGod