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| a business that performs an activity for an fee |
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| a business owned by one person |
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| anything of value that is owned |
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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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| ASSETS = LIABILITIES + OWNER'S EQUITY |
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| a business activity that changes assets, liabilities, or owner's equity |
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| a record summarizing all the information pertaining to a single item in the accounting equation |
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| the name that is given to an account |
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| the amount that is in the account |
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| the account that is used to summarize the owner's equity in a business |
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| a financial statement that reports assets, liabilities, and owner's equity on a specific date |
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| an increase in the owner's equity resulting from the operation of a business |
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| a slae for which the cash will be received at a later date, or a charge sale |
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| a decrease in the owner's equity resulting from the operation of a business |
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| assets taken out of the a business for the owner's personal use |
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| an accounting device that is used to analyze transactions |
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Definition
| the side of the account that is increases on |
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Definition
| an amount recorded on the right side |
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Definition
| the amount recorded on the left side of the account |
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Definition
| a list of accounts used by a business |
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Definition
| a form for recording transactions in chronological order |
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Definition
| recording transactions in a journal |
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| a journal amount column headed with an account title |
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| a journal amount that is not headed with an account title |
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Definition
| information from each transaction that is recorded in a journal |
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Definition
| the recording of debit and credit parts of a transaction |
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| a business paper from which information is obtained for a journal entry |
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| a business form ordering a bank to pay cash from a bank account |
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| a form describing the goods or services sold, the quantity, and the price |
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Definition
| an invoice used as a source document for recording a sale on account |
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| a business form giving written acknowledgement for cash received |
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| a form on which a brief message is written describing a transaction |
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| determining that the amount os cash agrees with the accounting records |
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| a ledger that contains all accounts needed to prepare financial statements |
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Definition
| the procedure for arranging accoutns in a general ledger, assigning account numbers, and keeping records current |
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Definition
| writing an account title and number on the heading of an account |
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Definition
| the incorrect journal entry should be corrected with an additional journal entry |
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| a bank account from which payments can be ordered by a depositor |
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Definition
| a signatiure or stamp on the back of a check transferring ownership |
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Definition
| an endorsement consisting only of the endorser's signature |
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Definition
| an endorsement that restricts further transfer of a check's ownership |
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Definition
| an endorsement indicating a new owner of a check |
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Definition
| a check with a future date on it |
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Definition
| a report of deposits, withdrawals, and bank balances sent to a depositor by a bank |
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Definition
| a check that a bank refuses to pay |
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| Electronic Funds Transfer |
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Definition
| a computerized cash payments system that uses electronic impulses to transfer funds |
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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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| an amount of cash that is kept on hand and is used for making small payments |
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| a form showing the proof of a petty cash payment |
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Definition
| the length of time for which a business summarizes and reports financial information |
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Definition
| a columnar accounting form that is used to summarize the general ledger information needed to prepare financial statements |
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Definition
| a proof of the equality of debits and credits in a general ledger |
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Term
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Definition
| changes that are recorded on the work sheet to update general ledger accounts at the end of a fiscal period |
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Term
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Definition
| a financial statement showing the revenue and expenses for a fiscal period |
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Term
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Definition
| the difference between the total revenue and the total expenses when the total revenue is greater than the total expenses |
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Term
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Definition
| the difference between the total revenue and the total expenses when the total expenses is greater than the total revenue |
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Term
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Definition
| the % relationship between one financial statement item and the total that includes that item |
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Term
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Definition
| journal entries that are recorded to update the general ledger accounts at the end of a fiscal period |
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Term
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Definition
accounts used to accumulate information from one fiscal period to the next
---(Asset, Owner's Equity, and -----------------Liability Accounts)----------- |
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Term
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Definition
accounts used to accumulate information until is is transferred to the owner's capital account
-----(Revenue, Expense, and Owner's -------Drawing Accounts, + Income Summary) |
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Term
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Definition
| journal entries that are used to prepare temporary accounts for a new fiscal period |
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Term
| Post-Closing Trial Balance |
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Definition
| a trial balance that is prepared after the closing entries are posted |
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Definition
| the series of accounting activities included in recording financial information for a fiscal period |
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Definition
| a business in which two or more persons combine their assets and skills |
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Definition
| each member of a partnership |
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Definition
| goods that a merchandising business purchases to sell |
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Term
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Definition
| a business that purchases and sells goods |
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| Retail Merchandise Business |
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Definition
| a merchandising business that sells to those who use or consume the goods |
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| Wholesale Merchandising Business |
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Definition
| a business that buys adn resells merchandise to retail merchandising businesses |
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Term
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Definition
| a business that merchandise is purchased or supplies or other assets are bought |
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Definition
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Definition
| the price a business pays for goodo is purchases to sell |
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Definition
| an invoice that is used as a source document for recording a purchase on account transaction |
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