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CHS Acct Final
15 Accounting Terms
| Question | Answer |
|---|---|
| an equation showing the relationship among assets, liabilities, and owner's equity | accounting equation |
| a business paper from which information is obtained for a journal entry | source document |
| a business that performs an activity for a fee | service business |
| a columnar accounting form used to summarize the general ledger information needed to prepare financial statements | work sheet |
| journal entries used to prepare temporary accounts for a new fiscal period | closing entries |
| transferring information from a journal entry to a ledger account | posting |
| a business owned by one person | proprietorship |
| a trial balance prepared after the closing entries are posted | post closing trial balance |
| accounts used to accumulate information until it is transferred to the owner's capital account | temporary accounts |
| an accounting device used to analyze transactions | t-account |
| a financial statement that reports asets, liabilities, and owner's equity | balance sheet |
| a list of accounts | chart of accounts |
| an increase in owner's equity resulting from the operation of a business | revenue |
| journal entries recorded to update general accounts at the end of a fiscal period | adjusting entries |
Created by:
bechere
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