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AR Acct II - Unit 1
Arkansas Accounting II - Unit 1 vocabulary
| Question | Answer |
|---|---|
| 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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