Ch 1
Ch 2
Ch 3
Ch 4
Ch 5
100
planning, recording, analyzing, and interpreting financial information
What is accounting?
100
Assets = Liablities + Owner's Equity
What is the accounting equation?
100
an increase in owner's equity resulting from the operation of a business
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
organized summaries of a business' financial activities
What is accounting records?
200
amount owed by a business
What is a liability?
200
a decrease in owner's equity resulting from the operation of a business
What is an expense?
200
an amount recorded on the left side of a T account
What is a debit?
200
a journal amount column headed with an account title
What is a special amount column?
300
a business selling accounting services to the general public
What is a public accounting firm?
300
a business activity that changes assets, liabilities, or owner's equity
What is a transaction?
300
cash is paid to owner for personal use and two accounts are affected; capital and ________
What is cash?
300
paid cash for supplies; two T accounts are affected - Cash and _________
What is supplies?
300
the recording of debit and credit parts of a transaction
What is double-entry accounting?
400
a person who records, sorts, and files accounting information
What is an accounting clerk?
400
the account that affected when cash is received
What is assets?
400
assets taken out of a business for the owner's personal use
What is a withdrawal?
400
Paid cash for insurance; two T accounts are affected - Cash and ____________
What is prepaid insurance?
400
a form on which a brief message is written describing a transaction
What is a memorandum?
500
most public accountants earn this type of designation
What is a CPA (Certified Public Accountant)?
500
a financial statement that reports assets, liabilites, and owner's equity on a specific date
What is a balance sheet?
500
paid cash for a telephone bill; two accounts are affected. Cash and _________
What is a utility expense?
500
an account that reduces a related account on a financial statement
What is a contra account?
500
determining that the amount of cash agrees with the accounting records
What is proving cash?
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