Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
100
The principals of right and wrong that guide an individual in making decisions
What are ethics?
100
A business activity that changes assets, liabilities, or owner's equity
What is a transaction?
100
An increase in owner's equity resulting from a business operation
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
Planning, recording, analyzing, and interpreting financial information
What is accounting?
200
An amount owed by a business
What is a liability?
200
A decrease in owner's equity resulting from the operation of business
What is an expense?
200
An amount recorded on the left side of a T account
What is a debit?
200
A business paper from which information is obtained for a journal entry
What is a source document?
300
A person who plans, summarizes, analyzes, and interprets account information
What is an accountant?
300
A business that performs an activity for a fee
What is a service business?
300
Assets taken out of a business for the owner's personal use
What are withdrawals?
300
An amount recorded on the left side of a T account
What is a credit?
300
A form on which a brief message is written describing a transaction
What is a memorandum?
400
A person who does general kinds of office tasks, including some accounting tasks
What is a general office clerk?
400
A financial statement that reports assets, liabilities, and owner's equity on a specific date
What is a balance sheet?
400
The heading on the left side of the balance sheet
What is Assets?
400
An account that reduces a related account on a financial statement
What is a contra account?
400
Determining that the amount of cash agreed with the accounting records
What is proving cash?
500
The degree most people seeking positions as an accountant must complete
What is the Certified Public Accountant (CPA)?
500
Assets = Liabilities + Owner’s Equity
What is the accounting equation
500
Accounts that are affect when cash is received from sales
What are Cash and Owner's equity
500
The normal balance side of a cash account
What is credit?
500
The recording of debit and credit parts of a transaction
What is double-entry accounting?
M
e
n
u