15 Accounting Terms
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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| an equation showing the relationship among assets, liabilities, and owner's equity | accounting equation
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| a business paper from which information is obtained for a journal entry | source document
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| a business that performs an activity for a fee | service business
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| a columnar accounting form used to summarize the general ledger information needed to prepare financial statements | work sheet
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| journal entries used to prepare temporary accounts for a new fiscal period | closing entries
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| transferring information from a journal entry to a ledger account | posting
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| a business owned by one person | proprietorship
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| a trial balance prepared after the closing entries are posted | post closing trial balance
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| accounts used to accumulate information until it is transferred to the owner's capital account | temporary accounts
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| an accounting device used to analyze transactions | t-account
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| a financial statement that reports asets, liabilities, and owner's equity | balance sheet
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| a list of accounts | chart of accounts
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| an increase in owner's equity resulting from the operation of a business | revenue
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| journal entries recorded to update general accounts at the end of a fiscal period | adjusting entries
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Created by:
bechere
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