Proprietorship
Anything of value that is owned
asset
An amount recorded on the right side of an account.
credit
A business form ordering a bank to pay cash from a bank account.
check
The number assigned to an account.
account number
A bank account from which payments can be ordered by a depositor.
checking account
Anything of value that is owned
accounting
An amount recorded on the left side of an account.
debit
Information for each transaction recorded in a journal.
entry
The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current.
file maintenance
A report of deposits, withdrawals, and bank balances sent to a depositor by a bank.
bank statement
A planned process designed to compile financial data and summarize the results in accounting records and reports.
accounting system
The side of an account that is increased is called the normal balance of the account.
normal balance
The recording of debit and credit parts of a transaction.
double-entry accounting
A ledger that contains all accounts needed to prepare financial statements.
general ledger
A bank form which lists the checks, currency, and coins an account holder is adding to a bank account.
deposit slip
Financial reports that summarize the financial condition and operations of a business.
financial statements
An accounting device used to analyze transactions.
T account
A form for recording transactions in chronological order.
journal
A group of accounts.
ledger
A signature or stamp on the back of a check transferring ownership.
endorsement
a formal report that shows what an individual owns, what an individual owes, and the difference between the two.
net worth statement
“Ethics is the science of morality.”
C. C. Everett
Recording transactions in a journal.
journalizing
Writing an account title and number on the heading of an account.
opening an account
An endorsement indicating a new owner of a check.
special endorsement