Details Title: accountin part 2 Description: midterm Total Flash Cards: 24 Created: 10/24/2007 13:21:11		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Accounting Flashcards
Cards in this set: Term accounts receivable Definition total amount of money to be recieved in the future for goods or services sold on credit Term liablities Definition debts of a business Term deposit slip Definition bank form on which the currency (bills and coins) and checks to be deposited are listed Term post-closing trial balance Definition prepared to prove that debits in the ledger accounts are equal to the credits after the closing entries have been posted Term compound entry Definition journal entry with two or more debits or two or more credits Term permanent accounts n their balances Definition are listed on the post-closing trial balance Term Income Summary Account Definition is a general ledger account used to accumulate and summarize the revenue and exenses for a period Term temporary capital accounts Definition accounts that start an accounting period with zero balances are called Term correcting entry Definition errors discovered after posting has taken place require Term trial balance Definition periodic report prepared by a business to test the equality of total debits and total credits int he ledger us called a Term posting Definition transferring data from the journal to the ledger Term slide error Definition writing 190 as 19 or 1900 Term transposition error Definition u wrote 27 instead of 72 Term journalizing Definition recording a business transaction Term source document Definition any type of business paper that verifies that a transaction occured Term calendar year Definition begins Jan 1st and ends Dec 31st Term accounting cycle Definition various activities a business completes to organize its accounting records in an orderly fashion Term general journal Definition all purpose journal used for recording business transactions Term corporation Definition business organization that must get permission from the state to operate Term manufactoring business Definition business that produces items to sell to individuals and other businesses is known as a Term business entity account assumption Definition business owner must keep the financial records for the business separate from personal records Term partnership Definition business that two or more agree to own together Term going concern accounting assumption Definition the accountant prepares reports as thought the business will operate indifinitely Term Definition