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Accounting 9 weeks
terms for 9 weeks exam mrs.dodsons class
| Question | Answer |
|---|---|
| Planning, recording, analyzing, and interpreting financial information | accounting |
| a planned process for providing financial information that will be useful to managment | accounting system |
| organized summaries of a business's financial actvities | accounting records |
| a business that performs an activity for a fee | service business |
| a business owned by one person | porprietorship |
| anything of value that is owned | asset |
| financial rights to the assets of a business | equities |
| 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 |
| an equation showing the relationship among assets, liabilities, and owner's equity | accounting equation |
| a business activity that changes assets, liabilities, or owner's equity. | transaction |
| a recod summarizing all the information pertaining to a single item in the accounting equation | account |
| the name given to an account | account title |
| the amount in an account | account balance |
| the account used to summarize the owner's equity in a business | capital |
| a financial statement that reports assets, liabilities, and owner's equity on a specific date | balance sheet |
| 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 decrease in owner's equity resulting from the operation of a business | expense |
| assets taken out of a business for the owner's personal use | withdrawls |
| an accounting device used to analyze transactions | T account |
| an amount recorded on the left side of a T account | debit |
| an amount recorded on the right side of a T account | credit |
| the side of the T account that is increased | normal balance |
| a list of accounts used by a business | chart of accounts |
| a form for recording transactions in chronological order | journal |
| recording transactions in a journal | journalizing |
| a journal amount column headed with an account title | special amount column |
| a journal amount column that is not headed with an account title | general amount column |
| information for each transaction recorded in a journal | entry |
| the recording of debit and credit parts of a transaction | double-entry accounting |
| a business paper from which information is obtained for a journal entry | source document |
| a business form ordering a bank to pay cash from a bank account | check |
| a form describing the goods or services sold, the quantity, and the price | invoice |
| an invoice used as a source document for recording a sale on account | sales invoice |
| a business form giving written acknowledgement for cash received | receipt |
| a form on which a brief message is written describing a transaction | memorandum |
| determining that the amount of cash agrees with the accounting records | proving cash |
| a group of accounts | ledger |
| a ledger that contains all accounts needed to prepare financial statements | general ledger |
| the number assigned to an account | account number |
| the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current | file maintenance |
| writing an account title and number on the heading of an account | opening an account |
| transferring information from a journal entry to a ledger account | posting |
| the incorrect journal entry should be corrected with an additional journal entry called... | correcting entry |
| a bank account from which payments can be ordered by a depositor | checking account |
| a signature or stamp on the back of a check transferring ownership | endorsement |
| an endorsement consisting only of the endorser's signature | blank endorsement |
| an endorsement indicating a new owner of a check | special endorsement |
| an endorsement restricting further transfer of a check's ownership | restrictive endorsement |
| a check with a future date on it | postdated check |
| a report of deposits, withdrawls, and bank balances sent to a depositor by a bank | bank statement |
| a check that a bank refuses to pay | dishonored check |
| a computerized cash payments system that uses electronic impulses to transfer funds | electronic funds transfer |
| a bank card that, when making purchases, automatically deducts the amount of purchase from the checking account of the cardholder | debit card |
| an amount of cash kept on hand and used for making small payments | petty cash |
| a form showing proof of a petty cash payment | petty cash slip |
| the length of time for which a business summarizes and reports financial infofmation | fiscal period |
| a columnar accounting form used to summarize the general ledger information needed to prepare financial statements | work sheet |
| a proof of the equality of debits and credits in a general ledger | trial balance |
| changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period | adjustments |
| a financial statement showing the revenue and expenses for a fiscal period | income statement |
| the difference between total revenue and total expenses when total revenue is greater | net income |
| the difference between total revenue and total expenses when total expenses is greater | net loss |
| the percentage relationship between one financial statement item and the total that includes that item | component percentage |
Created by:
burnettpeyton
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