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Accounting-2

Arkansas Unit 2: Basic Accounting Cycle - Service Business

QuestionAnswer
Account A record summarizing all the information pertaining to a single item in the accounting equation.
Account Balance The amount in an account.
Account Number The number assigned to an account.
Account Title The name given to an account.
Accounting Cycle The series of accounting activities included in recording financial information for a fiscal period.
Accounting Equation An equation showing the relationship among assets, liabilities, and owner's equity.
Accounting Period Cycle Concept Changes in financial information are reported for a specific period of time in the form of financial statments.
Accounting Record An organized summary of a business's financial activities.
Accounting System A planned process for providing financial information that will be useful to management.
Adequate Disclosure Concept Financial statements that contain all information necessary to understand a business's financial condition.
Adjusting Entries Journal entries recroded to update general ledger accounts at the end of a fiscal period.
Adjustments Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period.
Assets Anything of value that is owned.
Balance Sheet A financial statement that reports assets, liabilities, and owner's equity on a specific date.
Business Entity Concept Financial information is recorded and reported separately from the owner's person financial information.
Capital The account used to summarize the owner's equity in a business.
Chart of Accounts A list of accounts uesd by a business.
Closing Entries Journal entreis used to prepare temporary accounts for a new fiscal period.
Consistent Reporting Concept The same accounting procedures are follwed in the same way in each accounting period.
Correcting Entry A journal entry made to correct and error in a ledger.
Credit An entry to the right side of a T account.
Debit An amount entered on the left side of a T account.
Equitiets Financial rights to the assets of a business.
File Maintenance The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current.
Fiscal Period The length of time for which a business summarizes and reports financial information.
General Ledger A ledger that contains all accounts needed to prepare financial statements.
Going Concern Concept Financial statments are prepared with the expectation that a business will remain in operation indefinitely.
Income Statement A financial statement showing the revenue and total expenses for a fiscal period.
Ledger A group of accounts.
Liability An amount owned by a business.
Matching Expenses with Revenue Concept Revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting. period
Net Income The difference between total revenue and total expenses when total revenue is greater.
Net Loss The difference between total revenue and total expenses when total expenses are greater.
Objective Evidence Concept A source document is prepared for each transaction.
Opening an Account Writing the account title and number on the heading of an account.
Owner's Equity The amount remaining after the value of all liabilities subtracted from the value of all assets.
Permanent Accounts Accounts used to accumulate information from one fiscal period to the next.
Post-Closing Trial Balance A trial balance prepared after the closing entries are posted.
Posting Transferring information from a journal entry to a ledger account.
Proprietorship A business owned by one person.
Temporary Accounts Accounts used to accumulate information until it is transferred to the owner's capital account.
Transaction A business activity that changes assets, liabilities, or owner's equity.
Trial Balance A proof of the equality of debits and credits in a general ledger.
Work Sheet A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
Created by: michrob15