Arkansas Accounting II - Unit 1 vocabulary
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| 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
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| accounting | planning, recording, analyzing, and interpreting financial activities
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| 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
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| accounting equation | an equation showing the relationship among assets, liabilities, and owner's equity
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| account payable | the amount of money owed or payable to the creditors of a business
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| accounts receivable | the total amount of money owed to a business
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| adjusting entry | journal entries recorded to update general ledger accounts at the end of a fiscal period
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| adjustments | an amount that is added to or subtracted from an account balance to bring the balance up to date
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| asset | 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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| bookkeeper | a person who keeps regular, concise, accurate records of business transactions by entering them in account books
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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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| check | a business form ordering a bank to pay cash from a bank account
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| chronological | arranged in or according to the order of time
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| closing entry | journal entries used to prepare tempoary accounts for a new fiscal period
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| contra account | an account whose balance decreases another account's balance
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| corporation | an organization with the legal rights of a person and which may be owned by many people
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| double-entry accounting | the recording of debit and credit parts of a transacton
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| drawing | an account showing the total assets taken out of the business by the owner
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| entry-level jobs | the first jobs that individuals get
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| Equity | financial rights to the assets of a business
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| ethical | conforming to accepted and established professional standards of conduct
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| expenses | a decrease in owner's equity resulting from the operation of a business
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| financial statement | a report prepared to summarize the changes resulting from business transactions that occur during an accounting period
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| fiscal period | the length of time for which a business summarizes and reports financial information
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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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| general ledger | a ledger that contains all accounts needed to prepare financial statements
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| general office clerk | may be in charge of a small cash fund, file accounting records, or type accounting reports
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| 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
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| income statement | a financal statement showing the revenue and expenses for a fiscal period
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| inventory | the amount of goods on hand
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| journalizing | recording transactions in a journal
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| liability | an amount owed by a business
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| materiality | the measurement state of quality of being material
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| memorandum | a form on which a brief message is written describing a transaction
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| partnership | a business in which two or more people combine their assets and skills
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| petty cash | an amount of cash kept on hand and used for making small payments
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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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| proving | determining that amounts are in agreement or in balance
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| public accounting firm | a business selling accounting services to the general public
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| purchase | to gain possession by paying money or the equivalent
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| receipt | a business form giving written acknowledgement for cash received
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| reconciling | verifying that information on a bank statement and a checkbook are in agreement
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| source document | a business paper from which information is obtained for a journal entry
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| revenue | an increase in owner's equity resulting from the operation of a business
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| special amount column | a journal amount column headed with an account title
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| stockholder's equity | a division of a major chart of accounts which lists owner's equity accounts for a corporation
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| subsidiary ledger | a ledger that is summarized in a single general ledger account
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| transaction | a business actiity that changes assets, liabilities, or owner's equity
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| trial balance | a proof of the equity of debits and credits in a general ledger
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| vendor | a business from which merchandise is purchased or supplies or other assets are bought
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| withdrawal | assets taken out of a business for the owner's personal use
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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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