Ch 1
Ch 2
Ch 3
Ch 4
Ch 5
100
Accountant
What is a person who plans, summerizes, analyzes, and interprets accounting information
100
service business
What is a business that performs a activity for a fee.
100
revenue
What is An increase in owner’s equity resulting from the operation of a business.
100
account
What is A record of summarizing all of the info pertaining to a single item in the accounting equation
100
journal
What is A form for recording transactions in chronological order.
200
accounting
What is planning, recording, analyzing, and interpreting financial information
200
proprietorship
What is A business owned by one person.
200
expense
What is A decrease in owner’s equity resulting from the operation of a business
200
Debit
What is An amount recorded on the left side of a T account
200
entry
What is information for eachtransaction recorded in a journal
300
bookkeeper
What is a person who does general accounting work.
300
asset
What is Anything of value that is owned.
300
Assets increase, owner’s equity increases
What is What accounts are affected, and how, when cash is received from sales?
300
credit
What is An amount recorded on the right side of a T account
300
check
What is a business form ordering a bank to pay cash from a bank account
400
accounting clerk
What is a person who records, sorts, and files accounting information
400
owner’s equity
What is The amount remaining after the value of all liabilities is subtracted from the value of all assets.
400
withdrawals
What is Assets taken out of a business for the owner’s personal use.
400
chart of accounts
What is A list of accounts used by a business
400
receipt
What is a business form giving written acknowledgementfor cash received
500
ethics
What is the principles of right and wrong that guide an individual in making decisions
500
liability
What is An amount owed by a business.
500
Both sides must be equal
What is What must be true of the accounting equation after each transaction is recorded?
500
contra account
What is An account that reduces a related account on a financial statement
500
proving cash
What is determining that the amount of cash agrees with the accounting records
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