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| Accounting is often referred to as this. |
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| shows the revenue and expenses for a fiscal period. |
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| Difference between total revenue and total expenses when total expenses are greater. |
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| reports assets, liabilities, and owner's equity on a specific date. |
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| shows the relationship and changes among assets, liabilities, and owner's equity. Must always be in balance. |
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| person who helps management by planning, summarizing, analyzing, and interpreting financial information. |
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| beginning cash on hand + cash received - cash paid out = ending cash on hand. |
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| Left - hand side on the account |
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| entry that contains two or more credits |
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| Assets = liabilities + owner's equity |
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| Double lines across a column mean |
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| Totals and work is complete |
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| revenue is greater that expenses |
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| Sequence of accounting cycle |
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Definition
| Using source documents, journalize, post, and prove ledger |
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| a revenue account (owner's equity) |
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| a debit balance (normal balance) |
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| To adjust you supplies you |
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| credit supplies on the work sheet |
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| Federal Insurance Contributions Act (Medicare Tax and Social Security) are paid by both employee and employer. |
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| An account that reduces it's related account on a financial statement. i.e. Allowance accounts |
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| Decreases owner's equity resulting from the operation of a business |
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| Income statement on a work sheet |
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| shows the new amount after adjustments and close of accounts. Sales, expenses, income summary |
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| made to bring the general ledger accounts up to date |
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| First in First out method of inventory in which the ending inventory units are priced at their most recent amount |
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| Last in First Out method of inventory which cost of merchandise sold is priced at the most recent price. |
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