Term
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Definition
| Planning, recording, analyzing, and interptreting financial information |
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Term
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Definition
| A planned process for providing financial information that will be useful to management |
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Term
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Definition
| Organized summaries of a business's financial activities |
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Definition
| A business that performs an activity for a fee |
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Definition
| A business owned by one person |
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Definition
| Anything of value that is owned |
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Definition
| Financial rights to the assets of a business |
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Term
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Definition
| An amount owed by a business |
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Term
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Definition
| The amount remaining after the value of all liabilities is subtracted from the value of all assets |
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Term
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Definition
| An equation showing the relationship among assets, liabilities, and owner's equity |
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Term
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Definition
| A business activity that changes assets, liabilities, or owner's equity |
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Term
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Definition
| A record summarizing all the information pertaining to a single item in the accounting equation |
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Term
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Definition
| The name given to an account |
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Term
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Definition
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Term
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Definition
| The account used to summarize the owner's equity in a business |
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Term
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Definition
| A financial statement that reports assets, liabilities, and owner's equity on a specific date |
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Term
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Definition
| An increase in owner's equity resulting from the operation of a business |
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Term
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Definition
| A sale for which cash will be received at a later date |
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Term
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Definition
| A decrease in owner's equity resulting from the operation of a business |
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Term
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Definition
| Assets taken out of a business for the owner's personal use |
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Term
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Definition
| An accounting device used to analyze transactions |
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Term
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Definition
| The side of the account that is increased |
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Term
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Definition
| An amount recorded on the left side |
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Term
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Definition
| An amount recorded on the right side |
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Term
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Definition
| A list of accounts used by a business |
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Term
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Definition
| A form for recording transactions in chronological order |
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Term
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Definition
| Recording transactions in a journal |
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Term
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Definition
| A journal amount column headed with an account title |
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Term
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Definition
| A journal amount column that is not headed with an account title |
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Term
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Definition
| Information for each transaction |
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Term
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Definition
| The recording of debit and credit parts of a transaction |
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Term
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Definition
| A business paper from which information is obtained for a journal entry |
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Term
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Definition
| A form describing the goods or services sold, the quantity, and the price |
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Term
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Definition
| An invoice used as a source document for recording a sale on account |
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Term
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Definition
| A business form giving written acknowledgement for cash received |
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Term
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Definition
| A form on which a brief message is written describing a transaction |
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Term
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Definition
| Determining that the amount of cash agrees with the accounting records |
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Term
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Definition
| A business form ordering a bank to pay cash from a bank account |
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Term
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Definition
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Term
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Definition
| A ledger that contains all accounts needed to prepare financial statements |
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Term
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Definition
| The number assigned to an account |
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Term
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Definition
| The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current |
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Term
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Definition
| Writing an account title and number on the heading of an account |
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Term
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Definition
| Transferring information from a journal entry to a ledger account |
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Term
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Definition
| The incorrect journal entry should be corrected with an additional journal entry |
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Term
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Definition
| A bank account from which payments can be ordered by a depositor |
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Term
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Definition
| A signature or stamp on the back of a check transferring ownership |
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Term
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Definition
| An endorsement consisting only of the endorser's signature |
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Term
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Definition
| An endorsement indicating a new owner of a check |
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Term
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Definition
| An endorsement restricting further transfer of a check's ownership |
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Term
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Definition
| A check with a future date on it |
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Term
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Definition
| A report of deposits, withdrawals, and bank balances sent to a depositor by a bank |
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Term
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Definition
| A check that a bank refuses to pay |
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Term
| Electronic Funds Transfer |
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Definition
| A computerized cash payments system that uses electronic impulses to transfer funds |
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Term
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Definition
| A bank card that when making purchases, automatically deducts the amount of the purchase from the checking account of the cardholder |
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Term
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Definition
| An amount of cash kept on hand and used for making small payments |
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Term
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Definition
| A form showing proof of a petty cash payment |
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Term
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Definition
| The percentage relationship between one financial statement item and the total that includes that item |
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Term
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Definition
| A business in which two or more persons combine their assets and skills |
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Term
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Definition
| Each member of a partnership |
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Term
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Definition
| A business that purchases and sells goods |
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Term
| Retail Merchandising Business |
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Definition
| A merchandising business that sells to those who use or consume the goods |
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Term
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Definition
| Goods that a merchandising business purchases to sell |
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Term
| Wholesale Merchandising Business |
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Definition
| A business that buys and resells merchandise to retail merchandising businesses |
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Term
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Definition
| The price a business pays for goods it purchases to sell |
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Term
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Definition
| The amount added to the cost of merchandise to establish the selling price |
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Term
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Definition
| A business from which merchandise is purchased or supplies or other assets are bought |
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Term
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Definition
| An invoice used as a source document for recording a purchase on account transaction |
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Term
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Definition
| An agreement between a buyer and a seller about payment for merchandise |
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Term
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Definition
| The length of time for which a business summarizes and reports financial information |
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Term
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Definition
| A columnar accounting form used to summarize the general ledger information needed to prepare financial statements |
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Term
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Definition
| A proof of the equality of debits and credits |
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