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Accounting 9 weeks

terms for 9 weeks exam mrs.dodsons class

QuestionAnswer
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