Key Terms
Concepts/Classifications
Transactions
Transactions/Normal Balances
Miscellaneous
100
The planning, recording, analyzing, & interpreting financial information
What is accounting?
100
Unit of Measurement
What is the concept that says business transactions are stated in numbers?
100
Paid Cash for Supplies
What is a Credit to Cash, & a Debit to Supplies?
100
The normal balance side of liabilities.
What is a Credit?
100
Assets = Liabilities + Owner's Equity
What is the basic accounting equation?
200
An amount owed by a business
What is a liability?
200
The concept that states business's must record & report financial information separately from the owner's personal financial information.
What is Business Entity?
200
Received Cash from the Owner (Kim Park) as an Investment
What is a Debit to Cash, & a Credit to Kim Park, Capital?
200
The normal balance side of Assets
What is a Debit?
200
Sale on account means what?
What is a charge sale?
300
A business activity that changes assets, liabilities, or owner's equity
What is a transaction?
300
Realization of Revenue
What is the accounting concept that states revenue is recorded at the time goods or services are sold?
300
Bought Supplies on Account from Supply Depot
What is a Debit to Supplies, & a Credit to Accounts Payable-Supply Depot?
300
Paid cash for rent
What is a Credit to Cash, & a Debit to Rent Expense?
300
Assets taken out of a business for the owner's personal use
What is a withdrawal?
400
Chart of Accounts
What is a list of accounts used by a business?
400
The type of account that Accounts Receivable is.
What is an Asset?
400
Sold services on account to Oakdale School
What is a Debit to Accounts Receivable, & a Credit to Sales?
400
Normal Balance Side of Expenses
What is Debit?
500
Normal Balance
What is the side of the account that is increased?
500
The account title of the Revenue account
What is Sales?
500
Received Cash from Sales
What is a Debit to Cash, & a Credit to Sales?
500
Paid Cash to Owner (Kim Park) for Personal Use
What is a Credit to Cash, & a Debit to Kim Park, Drawing?
500
2 Accounts that decrease Owner's Equity
What is any expense & Owner's Drawing account?
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