Term
|
Definition
| planning,recording,analyzing, and interpreting financial information. |
|
|
Term
|
Definition
| planned process for providing financial information that will be useful to management. |
|
|
Term
|
Definition
| organized summaries of a business financial activities. |
|
|
Term
|
Definition
| business that performs an activity for a fee |
|
|
Term
|
Definition
| business owned by one person |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| financial rights to the assets |
|
|
Term
|
Definition
| amount remaining form the value of all liabilities is subtracted from the value of all assets |
|
|
Term
|
Definition
| Assets + Liabilities = Onwer's Equity |
|
|
Term
|
Definition
| business activity change in the amounts in the accounting equation |
|
|
Term
|
Definition
| record summarizing all the information pertaining to a single item in the accounting equation |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| account used to summarize the owner's equity in a business |
|
|
Term
|
Definition
| financial statement that reports assests, liabilities, and onwer's equity on a specific date |
|
|
Term
|
Definition
| an increase in owner's equity resulting from the operation of a business |
|
|
Term
|
Definition
| a sale for which cash will be received at a later date |
|
|
Term
|
Definition
| a decrease in owner's equity resulting fron the operation of a business |
|
|
Term
|
Definition
| assets taken out of a business for the owner's personal use. |
|
|
Term
|
Definition
| used to only analyze transactions |
|
|
Term
|
Definition
| amount recorded on the left side |
|
|
Term
|
Definition
| amount recorded on the right side |
|
|
Term
|
Definition
| the side the account increases on |
|
|
Term
|
Definition
|
|
Term
|
Definition
| a form describing the goods or services sold, the quantity, and the price |
|
|
Term
|
Definition
| recording transactions in a journal |
|
|
Term
|
Definition
| a journal amount column headed with an account title |
|
|
Term
|
Definition
| a journal amount column that is not headed with an account title |
|
|
Term
|
Definition
| information for each transaction recorded in a journal. |
|
|
Term
|
Definition
| the recording of debit and credit parts of a transaction. |
|
|
Term
|
Definition
| a business paper from the which information is obtained for a journal entry |
|
|
Term
|
Definition
| a business form ordering a bank to pay cash from a bank account. |
|
|
Term
|
Definition
| a form describing the goods or services sold, the quanity, and the price |
|
|
Term
|
Definition
| an invoice used as a source document for recording a sale on account |
|
|
Term
|
Definition
| a business form giving written acknowledge for cash received |
|
|
Term
|
Definition
| a form on which a brief message is written describing a transaction. |
|
|
Term
|
Definition
| determining that the amount of cash agrees with the accounting records. |
|
|
Term
|
Definition
|
|
Term
|
Definition
| a ledger that contains all accounts needed to prepare financial statements |
|
|
Term
|
Definition
| the number assigned to an account |
|
|
Term
|
Definition
| the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current |
|
|
Term
|
Definition
| writing an account title and number on the heading of an account |
|
|
Term
|
Definition
| transferring information from a journal entry to a ledger account |
|
|
Term
|
Definition
| in such a case, the incorrect journal entry should be corrected with an additional journal entry |
|
|
Term
|
Definition
| a bank account from which payments can be ordered by a depositor |
|
|
Term
|
Definition
| a signature or stamp on the back of a check transferring ownership |
|
|
Term
|
Definition
| an endorsement consisting only of the endorser's signature |
|
|
Term
|
Definition
| an endorsement indicating a new owner of a check |
|
|
Term
|
Definition
| an endorsement restricing further tranfer of a check's ownership |
|
|
Term
|
Definition
| a check with a future date |
|
|
Term
|
Definition
| a report of deposits, withdrawals, and bank balances sent to a depositor by a bank |
|
|
Term
|
Definition
| a check that a bank refuses to pay |
|
|
Term
| Electronic Funds Transfer |
|
Definition
| a computerized cash payments system that uses electronic impulses to transfer funds |
|
|
Term
|
Definition
| a bank card that, when making purchases, automatically deducts the amount of the purchase from the checking account of the cardholder |
|
|
Term
|
Definition
| an amount of cash kept on hand and used for making small payments |
|
|
Term
|
Definition
| a form showing proof of a petty cash payment |
|
|
Term
|
Definition
| the length of time for which a business summarizes and reports financial information |
|
|
Term
|
Definition
| a columnar accouting form used to summarize the general ledgar information needed to prepare financial statements |
|
|
Term
|
Definition
| a proof of the equality of debits and credits in a general ledger |
|
|
Term
|
Definition
| changes recorded on a work sheet to update general ledger accounts at the end of the fiscal period |
|
|
Term
|
Definition
| a financial statement showing the revenue and expenses for a fiscal period |
|
|
Term
|
Definition
| the difference between total revenue and total expenses when total revenue is greater |
|
|
Term
|
Definition
| the difference between total revenue and total expenses when total expenses is greater |
|
|
Term
|
Definition
| a business in which two or more persons combine their assests and skills |
|
|
Term
|
Definition
| each member of a partnership |
|
|
Term
|
Definition
| a business that purchases and sells goods |
|
|
Term
| Retail Merchandising Business |
|
Definition
| a merchandising business that sells to those who use or consume the goods |
|
|
Term
|
Definition
| goods that a merchandising business purchases to sell |
|
|
Term
| Wholesale Merchandising Business |
|
Definition
| a business that buys and results merchandise to retail merchandising businesses |
|
|
Term
|
Definition
| the price a business pays for goods it purchases to sell |
|
|
Term
|
Definition
| the amount added to cost of merchandise to establish the selling price |
|
|
Term
|
Definition
| a business from which merchandise is purchased or supplies or other assets are bought |
|
|
Term
|
Definition
| an invoice used as a source document for recording a purchase an account transaction |
|
|
Term
|
Definition
| an agreement between a buyer and a seller about payment for merchandise |
|
|
