voc for mid-term test
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| a record summarizing all the information pertaining to a single item in the accounting equation | account
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| the amount in an account | account ballance
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| the name given to an account | account title
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| planning,recording, analyzing, and interpreting financial information | accounting
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| an equation showing the relationship among assets, liabilities, and owner's equity | accounting equation
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| organized summaries of a business's financial information | accounting records
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| a planned process for providing financial information that will be useful to management | accounting system
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| anything of value that is owned | asset
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| the use of ethics in making business decisions | business ethics
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| the account used to summarize the owner's equity in a business | capital
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| financial rights to the assets of a business | equities
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| the principles of right and wrong that guide an indicidual in making decisions | ethics
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| a decrease in owner's equity resulting from the opperation of a business | expense
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| financial reports that summarize the financial conditions and operations of a business | finanicial statements
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| an amount owed by a business | liability
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| the amount remaining after the value of all liabilities is subtracted from the value of all assets | owner's equity
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| a business owned by one person | proprietorship
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| an increase in owner's equity resulting from the operation of a business | revenue
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| a sale for which cash will be received at a later date | sale on account
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| a business that performs an activity for a fee | service business
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| a business activity that changes assets, liabilties, or owner's equity | transaction
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| assets taken out of a business for the owner's personal use | withdrawals
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| a list of accounts used by a business | chart of accounts
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| an amount recorded o nthe right side of a T account | credit
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| an amount recorded on the left side of a T account | debit
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| the side of the account that is increased | normal ballance
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| an accounting device ysed to analyze transactions | T account
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| a business form ordering a bank to pay cash from a bank account | check
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| the recording of debit and credit parts of a transaction | double-entry accounting
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| information for each transaction recorded in a journal | entry
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| a journal with two amount columns in which all kinds of entries can be recorded | general journal
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| a form describing the goods or services sold, the quantity, and the price | invoice
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| a form for recording transactions in chronological order | journal
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| recording transactions in a journal | jornalizing
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| a form on which a brief message is written describing a transaction | memorandum
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| a business form giving written acknowledgement for cash received | receipt
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| an invoice used as a source document for recording a sale on account | sales invoice
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| a business paper from which information is obtained for a journal entry | source document
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| the number assigned to an account | account number
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| a journal entry made to correct an error in the ledger | correcting entry
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| the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current | file maintenance
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| a ledger that contains all accounts needed to prepare for financial statements | general ledger
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| a group of accounts | ledger
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| writting an account title and number on the heading of an account | opening an account
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| determining that the amount of cash agrees with the balance of the cash account in the accounting records | posting
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| determinig that the amount of cash agrees with the balance of the cash account in the accounting records | proving cash
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