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requires a business match revenue against expenses as a means of measuring profit for the period |
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| transferring balances from the trial balance section of the work sheet to either the balance sheet section or the Income Statement section |
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| the first to columns on the work sheet are used to enter? |
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| itemized record of all the transactions occuring in a depositor's account over a given period |
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| the practice of marking a check that contains an error so that it will not be used |
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| fee charged by the bank for maintaining bank records and for processing bank statement items for the depositor |
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| electronic funds transfer system |
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| enables banks to transfer quickly and accurately from one account to another account without the immediate exchange of checks |
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| outside controls a business can use to protect its cash and other assets |
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| revenue and expense accounts |
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What accounts listed in trial balance section of the work sheet and in the Income Statement section of the work sheet |
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| entered in credit column of the Income Statement section of the work sheet |
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| drawing a line under a column of accounts |
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| asset, liability, and owner's equity |
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| what accounts extended to the balance section of the work sheet |
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| paper used to collect information from the general ledger accounts |
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| person's abilities, such as ability to think creatively or make decisions |
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| provides accounting services to clients such as individuals or businesses |
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| operates to support a cause or an interest |
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| can help you identify prefrences that will have an impact on your career choice |
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| operates to earn money for its owners |
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| temporary capital account |
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Definition
| balance of this does not carry forward |
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| money earned from sale of goods or services |
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| owner takes assets out of the business for personal use |
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| revenue is recorded on the date it is earned |
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| ____ of a permanent account is carried fwd from one period to the next |
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| amount entered on the right side of an account is a credit |
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| tool used to analyze a business transaction's effect on an account |
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| alwayz on increase side of accoount |
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| "official" list of all the accounts used by a business to record its transactions |
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| amount entered on the left side of an account |
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| anything of value that is owned or controlled by an individual or a business os called |
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| economic event that causes a change in assets, liabilities, or owner's equity |
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