Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
lihh' savage
accounting flash cards
| Question | Answer |
|---|---|
| acoounting | planning, recording, analyzing, and interpreting finacial information |
| accounting system | a planned process for providing finacial information that will be useful to management |
| accounting records | organized summerize of a business finacial activities |
| service business | a business that preforms an activity for a fee |
| proprietorship | a business shop owed by one person |
| asset | anything of value that is owned |
| equities | finacial right to the assets of a business |
| liabilty | an account owned by a business |
| owners equity | the amount remaining after the value of all liabilites is subtracted from the value of all assets |
| accounting equation | an equation showing the relationship amung assets, liabilites, and owners equity |
| transaction | a business activity that changes assets, liabilites, or owners equity |
| account | a record summerizing all the info pertaining to a single item in the accounting equation |
| account title | name given to an account |
| account balance | the ammount in the account |
| capital | the account used to summerize the owners equity in a business |
| balance sheet | a finacial statment that reports assets, liabilites, and owners equity on specific date |
| withdrawl | assets taken out of a business for the owners personal use |
| expenses | a decrease in owners equity resulting from the operation of a business |
| sale on account | a sale for which cash will be recieved out o later date |
| revenue | an increase in owners equity resulting from the operation of a business |
| chart of account | a list accounts used by a business |
| normal balance | the side of the accoun tthat is increased |
| credit | an ammount recorded on the right side |
| debit | an ammount recorded on the left side |
| t-account | an accounting device used to analyze transaction |
| proving cash | delermining that the amount of cash agrees with the accounting records |
| memurandom | a form on which a f=brief message is written decribing a transaction |
| receipt | a business form giving written acknowelegement for cash received |
| sales invoice | an invoice used as a source document for recording a sale on account |
| invoice | a form describing the goods or service sold, the amountity and the price |
| check | a business form ordering a bank to pay cash from a bank account |
| source document | a business paper from which information is cbtained for a journal entry |
| double-entry accounting | the recording of debit and credits parts of a transaction |
| general ammount colum | a journal ammount colum that is not headed with an account title |
Created by:
lihh'savage
Popular Accounting sets