Ch. 1
Keep track of all of the money a company receives and spends.
What is a bookkeeper?
A financial ________ that reports assets, liabilities and owner's equity on a specific date.
What is a statement?
A _________ to pay for goods or services needed to operate a business results in a ________ in owner's equity.
What is transaction and decrease?
An accounting device used to analyze transactions is called a ____________
What is a T-Account
A form for recording transactions in chronological order.
What is a Journal?
Use your financial investigate powers to keep an eye on the books.
What is an auditor?
List the three sections of a balance sheet.
What is Assets, liabilities, and owner's equity?
A _______ in owner's equity resulting from the operation of a business is called an _________.
What is decrease and expense?
_______ is an amount recorded on the left side of a T Account.
What is a Debit?
A journal amount column headed with an account title
What is a special amount column?
The mathematical experts who estimate risks and costs for insurance companies.
What is a Actuary?
Where is assets located on a balance sheet?
What is left side?
How is owner's equity affected when cash is paid for expense.
What is decrease?
_______ is an amount recorded on the right side of a T Account.
What is a Credit?
Recording transactions in a journal
What is Journalizing?
Examine accounting and other financial records to find fraud forgeries, and irregularities.
What is a forensic accountant?
Where is liabilities and owner's equity located on a balance sheet?
What is the right side?
What is the heading on the left side of the balance sheet?
What is Assets?
Account balances _______ on the normal _______ side of an account.
What is increase and balance?
A journal amount column that is not headed with an account title
What is a general amount column?
Helping people and businesses figure out how much they owe in taxes and preparing their financial records.
What is a certified public accountant?
What should be done if a balance sheet is not in balance?
What is find errors before completing any more work?
What are the headings on the right side of the balance sheet.
What is liabilities and owner's equity?
Account balances ________ on the side opposite the normal balance side of an account.
What is decrease?
A business form ordering a bank to pay cash from a bank account
What is a check?