Shared Flashcard Set

Details

midterm
exam
31
Accounting
12th Grade
10/24/2007

Additional Accounting Flashcards

 


 

Cards

Term
matching principal
Definition

requires a business match revenue against expenses as a means of measuring profit for the period

Term
extending
Definition
transferring balances from the trial balance section of the work sheet to either the balance sheet section or the Income Statement section
Term
trial balance
Definition
the first to columns on the work sheet are used to enter?
Term
heading
Definition
answers who, what, when?
Term
bank statement
Definition
itemized record of all the transactions occuring in a depositor's account over a given period
Term
voiding a check
Definition
the practice of marking a check that contains an error so that it will not be used
Term

bank service charge

Definition
fee charged by the bank for maintaining bank records and for processing bank statement items for the depositor
Term
electronic funds transfer system
Definition
enables banks to transfer quickly and accurately from one account to another account without the immediate exchange of checks
Term
external controls
Definition
outside controls a business can use to protect its cash and other assets
Term
revenue and expense accounts
Definition

What accounts listed in trial balance section of the work sheet and in the Income Statement section of the work sheet

Term
net loss
Definition
entered in credit column of the Income Statement section of the work sheet
Term
ruling
Definition
drawing a line under a column of accounts
Term
asset, liability, and owner's equity
Definition
what accounts extended to the balance section of the work sheet
Term
work sheet
Definition
paper used to collect information from the general ledger accounts
Term
skills
Definition
person's abilities, such as ability to think creatively or make decisions
Term
public accounting firm
Definition
provides accounting services to clients such as individuals or businesses
Term
not for profit business
Definition
operates to support a cause or an interest
Term
personal interest tests
Definition
can help you identify prefrences that will have an impact on your career choice
Term
for-profit business
Definition
operates to earn money for its owners
Term
temporary capital account
Definition
balance of this does not carry forward
Term
revenue
Definition
money earned from sale of goods or services
Term
withdrawal
Definition
owner takes assets out of the business for personal use
Term
GAAP revenue recognition
Definition
revenue is recorded on the date it is earned
Term
dollar balance
Definition
____ of a permanent account is carried fwd from one period to the next
Term
credit
Definition
amount entered on the right side of an account is a credit
Term
T account
Definition
tool used to analyze a business transaction's effect on an account
Term
normal balance
Definition
alwayz on increase side of accoount
Term

chart of accounts

Definition
"official" list of all the accounts used by a business to record its transactions
Term
debit
Definition
amount entered on the left side of an account
Term
property
Definition
anything of value that is owned or controlled by an individual or a business os called
Term
business transaction
Definition
economic event that causes a change in assets, liabilities, or owner's equity
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