Chapter 1
The accounting equation
What is Assets=Liabilities+Owner's Equity?
Assets always increase on this side
What is the debit side?
Transactions are listed in this order
What is chronological order?
The numbers used in a chart of accounts
What is 100-500?
This allows for the funds of a check to be transferred
What is an endorsement?
An activity that changes assets, liabilities, or owner's equity.
What is a transaction?
Receiving cash from owner as an investment affects this specific way
What is a debit and credit increase?
A brief message written to describe a transaction.
What is a memorandum?
Transferring info from a journal entry to a ledger account
What is posting?
"For deposit only to the account of" is written on this kind of endorsement
What is restrictive endorsement?
Expense transactions decrease this account
What is owner's equity?
Revenue increases this account
What is owner's equity?
All amounts written in the General Debit or General Credit columns must have this
What is an account title?
The drawing of a line is used in this instance
What is an incorrect entry?
What is a dishonored check?
GAAP
The Global Business Day of Spain runs on these hours
When proving a journal you must first do this
What is totalling?
This 3 digit number is listed after the totals of the cash debit and credit columns.
What is 110?
Petty cash decreases on this side of a T account.
What is credit?
Accounting is considered this
What is the language of business?
Debit means this
This is actions is done when proving is finished
What is ruling?
This 3 digit number is used for Sales.
What is 410?
Verification that these two accounts are equal is called this
What is a bank statement?