Ch.1
Ch.2
Ch.3
Ch.4
Ch.5
100
Person who plans, summarizes, analyzes, and interprets accounting information.
What is an accountant.
100
Financial rights to the assets of a business.
What are equities.
100
An increase in owner's equity resulting from the operation of a business.
What is revenue.
100
The left side of a T account.
What is the debit side.
100

A word used by accountants to communicate that an expense has occurred and needs to be recognized on the income statement even though no payment was made. The second part of the necessary entry will be a credit to a liability account.

What is Incurred?

200
Planning, recording, analyzing, and interpreting financial information.
What is accounting.
200
Amount owed by a business.
What are liabilities.
200
A decrease in owner's equity resulting from the operation of a business.
What is an expense.
200
Each side of the T account must always be this.
What is equal.
200

an item is reported as revenue when a service has been performed or the ownership to a product has been transferred from the seller to the buyer (not when cash is received).

What is a Earned (Revenue)$

300
Person who does general accounting work plus some summarizing and analyzing of accounting information.
What is a bookkeeper.
300
Business activity that changes assets, liabilities, or owner's equity.
What is a transaction.
300
Classification of cash, supplies, and prepaid insurance.
What are assets.
300
Right side of the T account.
What is the credit side.
300

Increases or credits to the company's bank account, such as notes or accounts collected by the bank and/or interest income earned.

What is a Credit Memo (CM)?

400
Principles of right and wrong that guide an individual in making decisions.
What is ethics.
400
Side of accounting equation that assets go on.
What is the left.
400
Capital is under this classification.
What is owner's equity.
400
Accounts that is affected when you receive cash.
What is asset (cash).
400

An account brought into existence as a debit to balance expense accounts or as a credit to balance revenue accounts in the closing entry process. The revenue and expense account balances are transferred to this account to allow calculations of net income or net loss.

What is the Income Summary Account?

500
Accountant who is employed by a single business.
What is a private accountant.
500
Side of the accounting equation that Owner's Equity goes on.
What is the right.
500
Assets taken out of a business for the owner's personal use.
What are withdrawals.
500
account that reduces a related account on a financial statement.
What is contra account.
500

Income Summary Account closes into what account?

What is the Owners Equity Account

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