Ch. 1
Ch. 2
Ch. 3
Ch. 4
Ch. 5
100
Planning, recording, analyzing, and interpreting financial information
What is Accounting?
100
The Accounting Equation
What is Assets = Liabilities + Owner's Equity ?
100
An increase in owner’s equity resulting from the operation of a business
What is a Revenue?
100
An accounting device used to analyze transactions
What is a T-Account?
100
Journal amount column headed with an account title
What is a Special Amount Column?
200
A planned process for providing financial information that will be useful to management.
What is an Accounting System?
200
Anything of value that is owned
What is an Asset?
200
A decrease in owner’s equity resulting from the operation of a business
What is an Expense?
200
A list of accounts used by a business
What is a Chart of Accounts?
200
Recording transactions in a journal
What is Journalizing?
300
Organized summaries of a business’ financial activities.
What is an Accounting Record?
300
A business activity that changes assets, liabilities, or owner’s equity
What is a Transaction?
300
The heading on the left side of the balance sheet
What is an Asset?
300
Normal balance side for assets
What is a Debit?
300
The recording of debit and credit parts of a transaction
What is a Double-Entry Account?
400
A business selling accounting services to the general public
What is a Public Accounting Firm?
400
A business that performs an activity for a fee
What is a Service Business?
400
The balance on the left side of the sheet is what to the right side of the balance sheet.
What has to be Equal?
400
Normal balance side for liabilities
What is a Credit?
400
When receiving cash from sales, what column is credited?
What is Sales?
500
A local business needs THIS to supervise all accounting functions.
What is an Accountant?
500
A business owned by one person
What is a Proprietorship?
500
Assets taken out of a business for the owner’s personal use
What is a Withdrawal?
500
An account that reduces a related account on a financial statement
What is a Contra Account?
500
Carrying Forward on a journal.
The last date you made a transaction on is used for what?
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