Chapter 1
This is anything of value that is owned.
What is an asset
this is an accounting device used to analyze transactions.
what is a t account
this is a form for recording transactions in chronological(by date) order.
what is a journal
this is a ledger that contains all accounts needed to prepare financial statements
what is a general ledger
this check can not be processed due to the maker of it calling it invalid
what is voided check
This is the cost of goods and services used to operate a business.
What is an expense
an amount recorded on the left of the t account
this a businesses way of acknowledging a cash receivable
what is a receipt
this is transferring info from a journal entry to a ledger account
what is posting
this is the amount pf cash that is kept on hand and is used for small payments
what is petty cash
Is the cash account a debit or credit?
what is Debit
this account is used when the payment is to be paid in the future
what is accounts payable
this is the business paper from which information is obtained for a journal entry
what is a source document
this is a list of account titles and numbers showing the location of each account and ledger
this is a report of deposits, withdrawals, and bank balances sent to a depositor by a bank.
what is the bank statement
Why can the cash account never be negative?
What is its impossible to have negative cash
what two account are affected when a business receives cash on account?
what are cash and accounts receivable
what abbreviation is used for the source document when cash is paid for any reason?
what is c(for check)
this is a journal entry made to correct an error in the ledger
what is a correcting entry
this check is one that a bank refuses to pay
what are dishonored checks
total assets - total liabilites =
what is net worth
is paid cash to owner for personal use a credit or debit?
what is a credit
when is a general journal page complete?
what is the time when there is no more room on the page for entries
this is the number assigned to an account
what is an account number
what grade did mya, nick, and rex get on this final?
what is 100%