Ch 1
This person keeps track of all the money a company receives and spends
Book Keeper
A business owned by one person
Proprietorship
An increase in owners equity resulting from the operation of a business
Revenue
An accounting device used to analyze transaction
T account
A form for recording transactions in chronological
Journal
This person uses his or her financial investigative powers to keep an eye on the books
Auditor
What equation is:
Assets = Liabilities + Owners Equity
Account Equation
Many transaction happen in a day and they either
Increase or decrease owners equity
An amount recorded on the left side of a T account
Debit
Recording transactions in a journal
This person makes $45k-140k a year
Forensic Accountant
On The left side of the Accounting Equation are
Assets taken out of a business for the owners personal use
Withdrawls
An amount recorded on the right side of a T account
Credit
The nature of the business determines the type of journal used
Remember
Which two professions held 1-3 million jobs in 2010
Accountants & Auditors
These two are on the right side of the accounting equation
Owners Equity and Liabilities
When cash is paid for expenses
The business has less cash
The way an amount is entered in a account
Either Debited or Credited
A journal amount column headed with an account title
Special Amount Column
These people are skilled and successful business can not do without them
Accountant
To balance a balance sheet you must
Balance it
Businesses balance their sheets
Monthly
The two basic accounting rules
It either Increases or Decreases
A journal amount column that is not headed with an account title
General amount column