Terms
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Things You Should Know
Useless stuff
Lorens Junk
100
anything of value that is owned
What is an Asset
100
two groups of equities
What is managing a business and perpare finanical records
100
a single line ruled across amount columns
What is adding together
100
two steps to opening a new account in a general ledger
What is writing an account title and numbering the headings
100
owners equity figured
What is by solving accounting equation
200
Financial rights to the assets of a business
What is equities
200
who may have equity in a business
What is any business owned money
200
what does a double line ruled across amount columns
What is your finished and its balanced
200
transferring information from general journal entries to ledger account
What is posting
200
a business will exist forever is an appication of which accounting concept
What is going concern
300
An amount owed by a business
What is a liability
300
how the accounting equation stated
What is Assets=Liabilities+Capital
300
four of the journal entires
What is date, debit part, credit part. and source documents
300
business owners and managers need accounting records
What is to manage a business and prepare financial
300
2 things must be known about a business in starting an accounting system
What is assets and liabilities
400
value of the owners equity.
What is capital
400
the relationship of the amounts on the left and right side of the accounting equation
What is =
400
accuracy of an entry checked
What is add debits, add credits, debits must equal credits
400
usually determines how a business accounting records are best kept
what is kind of business and its size
400
using dollars and cents to record all financial information is an appication of which accounting concept
What is units of measurement
500
a business paper in which informaton is obtained for a general journal entry
What is a source document
500
three major sections of a balance sheet in addition to its heading
What is assets, liabilites, capital
500
accounts used in accounting systems
What is sort and separated, organized
500
keeping separated records for a business and for personal finances is an application of which accounting concept
What is business entry
500
items are listed on the left si8de and right side of the balanced sheet
What is left: debit cash supplies prepaid insurance right credits and liabilites
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