Starting a Proprietorship
How Business Activities Change the Accounting Equation
Changes that Affect the Accounting Equation
Analyzing How Transactions Affect Accounts
Posting to a General Ledger
100
Planning, recording, analyzing, and interpreting financial information.
What is accounting?
100
Anything of value that is owned.
What is an asset?
100
An increase in owner's equity resulting from the operation of a business.
What is revenue?
100
Recording transactions in a journal.
What is journalizing?
100
A ledger that contains all accounts needed to prepare financial statements.
What is a general ledger?
200
A business owned by one person.
What is a proprietorship?
200
Financial rights to the assets of a business.
What are equities?
200
A sale for which cash will be received at a later date.
What is a sale on account?
200
A business paper from which information is obtained for a journal entry.
What is a source document?
200
Transferring information from a journal entry to a ledger.
What is posting?
300
Financial reports that summarize the financial condition and operations of a business.
What are financial statements?
300
An amount owed by a business.
What are liabilities?
300
A decrease in owner's equity resulting from the operation of a business.
What is an expense?
300
A form on which a brief message is written describing a transaction.
What is a memorandum?
300
TechKnow Consulting.
What is the name of the business?
400
A business that performs an activity for a fee.
What is a service business?
400
An equation showing the relationship among assets, liabilities, and owner's equity.
What is the accounting equation?
400
A list or accounts used by a business.
What is a chart of accounts?
400
A form describing the goods or services sold, the quantity, and the price.
What is an invoice?
400
Kim Park
Who is the owner of TechKnow Consulting?
500
A business activity that changes assets, liabilities, or owner's equity.
What is a transaction?
500
The account used to summarize the owner's equity in a business.
What is capital?
500
A form for recording transactions in chronological order.
What is a journal?
500
A business form giving written acknowledgement for cash received.
What is a receipt?
500
London, Paris and Barcelona.
Where did Mr. Leitner go for Easter?
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