Cherokee 1 lvl 2 study guide
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| Revenue | An increase in owners Equity resulting from the operation of a buisness
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| Sale On Account | sale for which cash will be recieved at a later date
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| Realization Of Revenue | applies when revenue is recorded at the time goods or services are sold
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| Expense | A decrease in Owners Equity resulting from the operation of a buisness
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| Withdrawls | Assets taken out of an account for the owners personal use
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| Accounting equation | Assets = liabalites + Owners Equity
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| T Account | an accounting device used to analyze transactions
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| Normal Balance | the side of an account that is increased
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| Debit | An amount recorded on the left side
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| Credit | An amount recorded on the right side
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| Chart Of Accounts | A list of accounts used by a buisness
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| Journal | A form for recording transactions in chronological order
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| Journalizing | Recording transactions in a journal. Entry- Information for each transaction recorded in a journal
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| General Journal | a journal with two amount columns in which all kinds of entries can be recorded
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| Double-Entry Accounting | recording of debit and credit parts of a transaction
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| Source Document | A buisness peper from which information is obtained for a journal entry
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| Objective Evidence | applied when a source document is prepared for each transaction
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| Check | A buisness form ordering a bank to pay cash from a bank account
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| Invoice | form describing the goods or services sold, the quantity, and the price
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| Sales Invoice | invoice used as a source document for recording a sale on account
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| Recipt | A business form giving written acknowledgement for cash recieved
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| Memorandum | form on which a brief message describing a transaction
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| Ledger | A group of accounts
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| General Ledger | contains all accounts needed to prepare financial statements
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| Account Number | The number given to an account
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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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| Opening an account | writing an account title and number on the heading of an account
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| Posting | Transfering from a journal entry to a ledger account
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| Bank Statement | A report of Deposits, withdrawls, and bank balances sent to a depositor by a bank
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| Dishonored Check | a check that a bank refuses to pay
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| EFT | computerized cash payments system that uses electronic impulses to transfer funds
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| Debit Card | card that automatically deducts the amount of the purchase from the checking account of the card holder
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| Petty Cash | amount of cash kept on hand used for making small cash payments
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| Petty Cash Slip | a form showing proof of a petty cash payment.
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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