Categorize
Anything of value that is owned.
What is an Asset?
This is planning, recording, analyzing, and interpreting financial information.
What is Accounting?
A list of accounts used by a business.
What is a Chart of Accounts?
Step 3 in the Accounting Cycle
What is the ledger?
A form describing the goods or services sold, the quantity, and the price.
What is an invoice?
An amount owed by a business.
What is a liability?
Assets = Liabilities + Owner's Equity
What is the Accounting Equation?
Journal entries used to prepare temporary accounts for a new fiscal period.
What are closing entries?
Step 1 in the Accounting Cycle
What is Source Documents?
The difference between total revenue and total expenses when total expenses are greater.
What is Net Loss?
Cash is considered this.
What is an Asset?
The series of accounting activities included in recording financial information for a fiscal period.
What is the Accounting Cycle?
The account used to summarize the owner's equity in a business.
What is the capital account?
Step 5 in the Accounting Cycle
What is Adjusted Trial Balance?
The length of time for which a business summarizes and reports financial information.
What is a Fiscal Period?
Accounts Payable is considered this.
What is a liability?
These are journal entries recorded to update general ledger accounts at the end of a fiscal period.
What are Adjusting Entries?
An amount recorded on the right side of a T account.
What is credit?
Step 4 in the Accounting Cycle
What is Trial Balance?
The decrease in the value of an asset.
What is depreciation?
The owner's capital account is considered this.
What is owner's equity?
A record summarizing all the information pertaining to a single item in the accounting equation.
What is an account?
These are examples of source documents.
What are Checks, receipts, memorandums, invoices, etc.
Step 7 in the Accounting Cycle.
What is Closing Entries?
Any persons or groups who will be affected by actions.
What are stakeholders?