Ch 1
Ch 2
Ch 3
Ch 4
Ch 5
100
Planning, recording, analyzing, and interpreting financial information
What is accounting?
100
A business taht performs an activity for a fee
What is a service business?
100
An increase in owner's equity resulting from the operation of a business
What is revenue?
100
An accounting device used to analyze transactions
What is a T Account?
100
A form for recording transactions in chronological order
What is a journal?
200
A planned process for providing financial imformation that will be useful to management
What is an accounting system?
200
A business owned by one person
What is a proprietorship?
200
A decrease in owner's equity resulting from the operation of a business
What is an expense?
200
An amount recorded on the left side of the T Account
What is debit?
200
Recording transactions in a journal
What is journalizing?
300
Organized summaries of a business' financial activities
What is accounting records?
300
Assets = Liabilities + Owner's Equity
What is the accounting equation?
300
Assets taken out of a business for the owner's personal use
What is a withdrawal?
300
An amount recorded on the right side of the T Account
What is credit?
300
A journal amount column headed with an account title
What is a special amount column?
400
A person who plans, summarized, analyzes, and interprets accounting information
What is an accountant?
400
Financial rights to the assets of a business
What is an equity?
400
The total amount of assets and owner's equity is increased
What happens when cash is received from a sale?
400
A list of accounts used by a business
What is a chart of accounts?
400
A journal amount column that is not headed with an account title
What is a general amount column?
500
A business selling accounting services to the general public
What is a public accounting firm?
500
A business activity that changes assets, liabilities, or owner's equity
What is a transaction?
500
The left side of the balance sheet equals the right side of the balance sheet
How do you know if a balance sheet is in balance?
500
An account that reduces a related account on a financial statement
What is a contra account?
500
A form on which a brief message is written describing a transaction
What is a memorandum?
M
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