Accounting A
Accounting B
Accounting C
Accounting D
Accounting E
100

The process of planning, recording, analyzing and interpreting financial information

Accounting

100

Basic Accounting equation

Assets = Liabilities + Owner's Equity

100
The side of the account that is increased

Normal balance

100

A sale for which payment will be made at a later date

Sale on account

100

Anything of value that is owned

Asset

200

An amount owed

Liability

200

Amounts to be received in the future due to the sale of goods or services

Accounts Receivable

200

In a chart of accounts, Expenses begin with what number

5

200

Assets taken from the business for the owner's personal use

Withdrawals

200

A business owned by one person

Proprietorship

300

The difference between assets and liabilities

Equity

300

In accounting, a group of accounts is called a(n)

Ledger

300

A form for recording transactions in chronological order

Journal

300

What is the debit and credit when you receive cash from sales

Debit Cash

Credit Sales

300

Any business activity that changes assets, liabilities, or owner's equity

Transaction

400

The amount remaining after the value of all liabilities is subtracted from the value of all assets is called

Owner's Equity

400

The recording of debit and credit parts of a transaction is called

Double-entry accounting

400

A form on which a brief message is written to describe a transaction

Memorandum

400

A business paper from which information is obtained for a journal entry

Source Document

400

The use of ethics in making business decisions

Business Ethics

500

Transferring information from a journal entry to a ledger account 

Posting

500

The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current

File maintenance

500

Determining that the amount of cash agrees with the accounting records is called

Proving Cash

500

If a transaction has been improperly journalized and posted to a ledger, what do you do?

Journalize a Correcting entry

500

What is the Accounting Concept used when source documents are used for each transaction

Objective Evidence

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