Arkansas Unit 2 Basic Accounting Cycle Service Business
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| Account | a record summarizing all the information pertaining to a single item in the accounting equation
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| Account balance | the amount in an account
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| Account number | the number assigned to an account
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| Account title | the name given to an account
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| Accounting cycle | the series of accounting activities included in recording financial information for a fiscal period
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| Accounting equation | an equation showing the relationship among assets, liabilities, and owner's equity
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| Accounting period cycle concept | changes in financial information are reported for a specific period of time in the form of financial statements
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| Accounting record | an organized summary of a business's financial activities
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| Accounting system | a planned process for providing financial information that will be useful to management
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| Adequate disclosure concept | financial statements that contain all information necessary to understand a business's financial condition
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| Adjusting entries | journal entries recorded to update general ledger accounts at the end of a fiscal period
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| Adjustments | changes recorded on a work sheet to update general ledger accounts at the end of the fiscal period
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| Assets | anything of value that is owned
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| Balance sheet | a financial statement that reports assets, liabilities, and owner's equity on a specific date.
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| Business entity concept | financial information is recorded and reported separately from the owner's personal financial information
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| Capital | the account used to summarize the owner's equity in a business
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| Chart of accounts | a list of accounts used by a business.
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| Closing entries | journal entries used to prepare temporary accounts for a new fiscal period
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| Consistent reporting concept | the same accounting procedures are followed in the same way in each accounting period
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| Correcting entry | a journal entry made to correct an error in a ledger
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| Credit | an entry to the right side of a T account
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| Debit | an amount entered on the left side of a T account
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| Equities | financial rights to the assets of a business
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| File maintenance | the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current
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| Fiscal period | the length of time for which a business summarizes and reports financial information
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| General ledger | a ledger that contains all accounts needed to prepare financial statements
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| Going concern concept | financial statements are prepared with the expectation that a business will remain in operation indefinitely
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| Income statement | a financial statement showing the revenue and total expenses for a fiscal period
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| Ledger | a group of accounts
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| Liability | an amount owned by a business
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| Matching expenses with revenue concept | revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period
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| Net income | the difference between total revenue and total expenses when total revenue is greater
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| Net loss | the difference between total revenue and total expenses when total expenses are greater
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| Objective evidence concept | a source document is prepared for each transaction
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| Opening an account | writing the account title and number on the heading of an account
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| Owner's equity | the amount remaining after the value of all liabilities subtracted from the value of all assets
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| Permanent accounts | accounts used to accumulate information from one fiscal period to the next
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| Post-closing trial balance | a trial balance prepared after the closing entries are posted
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| Posting | transferring information from a journal entry to a ledger account
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| Proprietorship | a business owned by one person
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| Temporary accounts | accounts used to accumulate information until it is transferred to the owner's capital account
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| Transaction | a business activity that changes assets, liabilities, or owner's equity
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| Trial balance | a proof of the equality of debits and credits in a general ledger
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| Work sheet | a columnar accounting form used to summarize the general ledger information needed to prepare financial statements
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