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Cherokee 1 lvl 2
Cherokee 1 lvl 2 study guide
| Question | Answer |
|---|---|
| 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. |
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