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lihh' savage

accounting flash cards

QuestionAnswer
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