Ch1
Ch2
Ch3
Ch4
Ch5
100
Planning, recording, analyzing and interpreting financial information.
What is Accounting
100
Anything of value that is owned
What is Asset
100
A decrease in owner's equity resulting from the operation of a business
What is Expense
100
An amount recorded on the right side of a T account
What is Credit
100
A form for recording transactions in chronological order
What is Journal
200
A planned process for providing financial information that will be useful to management
What is Accounting System
200
An equation showing the relationship among assets, liabilities and owner's equity
What is Accounting equation
200
An increase in owner's equity resulting from the operation of a business
What is Revenue
200
An amount recorded on the left side of a 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
A business that preforms an activity for a fee
What is Service business
300
Asset taken out of a business for the owner's personal use
What is Withdrawal
300
A list of accounts used by a business
What is Chart of accounts
300
The recording of debit and credit parts of a transaction
What is Double-entry accounting
400
A business selling accounting services to general public
What is Public accounting firm
400
A business activity that changes assets, liabilities, or owner's equity
What is Transaction
400
Each transaction changes at least ____ accounts in the accounting equation
What is two
400
An account that reduces a related account on a financial statement
What is Contra account
400
A business paper from which information is obtained for a journal entry
What is Source document
500
An accountant who is employed by a single business
What is Private accountant
500
A financial statement that reports assets, liabilities, and owner's equity on a specific date
What is Balance sheet
500
When all the changes occur on one side of the accounting equation increases on that side must _______ decreases on the same side
What is Equal
500
An accounting device used to analyze transactions
What is T account
500
A journal amount column headed with an account title
What is Special amount column
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