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AR Acct II - Unit 1

Arkansas Accounting II - Unit 1 vocabulary

accountant a person who handles a broad range of jobs related to the making of choices and decisions about the design for a business accounting system and the preparation and explanation of financial reports
accounting planning, recording, analyzing, and interpreting financial activities
accounting clerk entry-level job that can vary with the size of the company from specialization in one part of the system to a wide range of recordkeeping tasks
accounting equation an equation showing the relationship among assets, liabilities, and owner's equity
account payable the amount of money owed or payable to the creditors of a business
accounts receivable the total amount of money owed to a business
adjusting entry journal entries recorded to update general ledger accounts at the end of a fiscal period
adjustments an amount that is added to or subtracted from an account balance to bring the balance up to date
asset anything of value that is owned
balance sheet a financial statement that reports assets, liabilities, and owner's equity on a specific date
bookkeeper a person who keeps regular, concise, accurate records of business transactions by entering them in account books
capital the account used to summarize the owner's equity in a business
chart of accounts a list of accounts used by a business
check a business form ordering a bank to pay cash from a bank account
chronological arranged in or according to the order of time
closing entry journal entries used to prepare tempoary accounts for a new fiscal period
contra account an account whose balance decreases another account's balance
corporation an organization with the legal rights of a person and which may be owned by many people
double-entry accounting the recording of debit and credit parts of a transacton
drawing an account showing the total assets taken out of the business by the owner
entry-level jobs the first jobs that individuals get
Equity financial rights to the assets of a business
ethical conforming to accepted and established professional standards of conduct
expenses a decrease in owner's equity resulting from the operation of a business
financial statement a report prepared to summarize the changes resulting from business transactions that occur during an accounting period
fiscal period the length of time for which a business summarizes and reports financial information
general journal a journal with two amount columns in which all kinds of entries can be recorded
general ledger a ledger that contains all accounts needed to prepare financial statements
general office clerk may be in charge of a small cash fund, file accounting records, or type accounting reports
income a gain measured in money that derives from capital or labor: also the amount of such gain received by an individual in a given period of time
income statement a financal statement showing the revenue and expenses for a fiscal period
inventory the amount of goods on hand
journalizing recording transactions in a journal
liability an amount owed by a business
materiality the measurement state of quality of being material
memorandum a form on which a brief message is written describing a transaction
partnership a business in which two or more people combine their assets and skills
petty cash an amount of cash kept on hand and used for making small payments
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
proving determining that amounts are in agreement or in balance
public accounting firm a business selling accounting services to the general public
purchase to gain possession by paying money or the equivalent
receipt a business form giving written acknowledgement for cash received
reconciling verifying that information on a bank statement and a checkbook are in agreement
source document a business paper from which information is obtained for a journal entry
revenue an increase in owner's equity resulting from the operation of a business
special amount column a journal amount column headed with an account title
stockholder's equity a division of a major chart of accounts which lists owner's equity accounts for a corporation
subsidiary ledger a ledger that is summarized in a single general ledger account
transaction a business actiity that changes assets, liabilities, or owner's equity
trial balance a proof of the equity of debits and credits in a general ledger
vendor a business from which merchandise is purchased or supplies or other assets are bought
withdrawal assets taken out of a business for the owner's personal use
work sheet a columnar accounting form used to summarize the general ledger information needed to prepare financial statements
Created by: patflanigan
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