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| planning, recording, analyzing and interpreting of financial information. |
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| planned process for providing financial information that will be useful to management. |
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| organized summaries of a business's financial activities |
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| business that performs a service for a fee |
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| business owned by one person |
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| financial rights to the assets of a business. |
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| amount owed by a business |
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| the amount remaining after the value of all liabilities is subtracted from the value of all assets |
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equation showing the relationship between assets, liabilities, and owner's equity. Stated As:
Assets=Liabilities+Owner's Equity |
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| a business activity that changes assets, liabilities, or owner's equity. |
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| record summarizing all the information pretaining to a single item in the account equation |
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| financial statement that reports assets, liabilities, and owner's equity on a specific date |
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| increase in owner's equity resulting from operation of business |
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| a sale for which cash is agreed to be paid at a later time |
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| decrease in owner's equity resulting from the operation of business |
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| when the owner takes money out of the business for personal use |
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Definition
| account device used to analyze transactions |
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Definition
| the side of the acccount that is increased |
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Definition
| amount recorded on the left side of a T account |
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Term
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Definition
| amount recorded on the right side of a T account |
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Definition
| a list of accounts used by a business |
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Definition
| form of recording transactions in chronological order |
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Definition
| recording transactions in a journal |
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| journal amount column headed with an account title |
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| journal amount column that is not headed with an account title |
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| information for each transaction recorded in a journal |
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| recoding of debit and credit parts of a transaction |
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Term
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Definition
business paper from which information is obtained for a journal entry.
check stub (C1)
invoice (I1)
memorandum (M1)
receipt (R1)
calculator tapes (T1) |
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Definition
| form describing the goods or services sold, the quantity, and price |
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| invoice used as a source document for recording sale on account |
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| souce document for cash payments |
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| business form giving written acknowledgement for cash received |
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| form on which a brief message is written describing a transaction |
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| determining that the amount of cash agrees with the accounting records |
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| ledger that contains all accounts needed to prepare financial statements |
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| number assigned to an account |
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| procedure for arranging accounts in a general ledger assigning account numbers, and keeping records |
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Definition
| writing an account title and number on the heading of an account |
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Definition
| transferring information from a journal entry to a ledger account |
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| additional journal entry, that is used when an incorrect journal entry should is corrected |
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| bank account from which payments can be ordered by a depositor. |
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| signature or stamp on the back of a check transferring ownership |
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| an endorsement consisting only of the endorser's signature |
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| an endorsement indicating a new owner of a check. |
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| an endorsement restricting further transfer of a check's ownership. |
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Definition
| check with future date on it |
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Definition
| report of deposits,withdrawals, and bank balances sent to a depositor by a bank. |
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| check that refuses to pay, voided |
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| electronic funds transfer |
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Definition
| computerized cash payments system that uses electronic impulses to transfer funds. |
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| bank card that when making purchases automatically deducts the amount of the purchase from the checking ammount of the cardholder |
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Definition
| an amount of cash kept on hand and used for making small payments |
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Definition
| form showing proof of a petty cash payment |
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