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Unit 1 Vocabulary Test Notes
1.01 to 1.03
29
Accounting
10th Grade
01/30/2013

Additional Accounting Flashcards

 


 

Cards

Term
Accounting
Definition
The action or process of keeping financial accounts.
Term
Accounting System
Definition
a planned process for providing financial information that will be
useful to management
Term
Accounting Records
Definition
organized summaries of a business’s financial activities
Term
Financial Statements
Definition
financial reports that summarize the financial condition and
operations of a business
Term
Assets
Definition
anything of value that is owned
Term
Equities
Definition
financial rights to the assets of a business
Term
Liability
Definition
an amount owed by a business
Term
Owner’s equity
Definition
the amount remaining after the value of all liabilities is subtracted from
the value of all assets
Term
Accounting equation
Definition
an equation showing the relationship among assets, liabilities, and
owner’s equity
Term
Transaction
Definition
a business activity that changes assets, liabilities, or owner’s equity
Term
Account
Definition
a record summarizing all the information pertaining to a single item in the
accounting equation
Term
Account Title
Definition
the name given to an account
Term
Account balance
Definition
the amount in an account
Term
Capital
Definition
the account used to summarize the owner’s equity in a business
Term
Revenue
Definition
an increase in owner’s equity resulting from the operation of a business
Term
Sale On Account
Definition
a sale for which cash will be received at a later date
Term
Expense
Definition
a decrease in owner’s equity resulting from the operation of a business
Term
Withdrawals
Definition
assets taken out of a business for the owner’s personal use
Term
Check
Definition
a business form ordering a bank to pay cash from a bank account
Term
double-entry accounting
Definition
the recording of debit and credit parts of a transaction
Term
entry
Definition
information for each transaction recorded in a journal
Term
general records
Definition
a journal with two amount columns in which all kinds of entries can be
recorded
Term
invoice
Definition
a form describing the goods or services sold, the quantity, and the price
Term
journal
Definition
a form for recording transactions in chronological order
Term
journalizing
Definition
recording transactions in a journal
Term
memorandum
Definition
a form on which a brief message is written describing a transaction
Term
receipt
Definition
business form giving written acknowledgement for cash received
Term
sales invoice
Definition
an invoice used as a source document for recording a sale on account
Term
source document
Definition
business paper from which information is obtained for a journal
entry
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