Vocabulary
Key Concepts
Chart of Accounts
Chart of Accounts
What's the Transaction?
100
A group of accounts is..
What is a Ledger
100
Determining that the amount of cash agrees with the balance of cash in the accounting records.
What is Proving Cash?
100
Asset account numbers usually start with...
What is 1 (Like 110).
100
Liability Accounts usually start with this number...
What is 2 (like 210)
100
Sales Credit Cash Debit
What is Received cash from Sales
200
A ledger that contains all accounts needed to prepare financial statements.
What is a general ledger?
200
This special column credit amount total is posted at the end of the month, then is no debit with this name.
What is Sales Credit?
200
Owner's Equity Account numbers usually start with this number...
What is 3 (310)?
200
Expense account numbers usually start with this number...
What is 5(510)?
200
General Credit Cash Debit
What is received cash as an investment or What is Received cash on account from A/R
300
The number assigned to an account.
What is an Account Number?
300
On a ledger this is the balance of an A/R.
What is debit?
300
Revenue Account numbers usually start with this number...
What is 4 (410)?
300
Asset accounts are listed by...
What is Liquidity?
300
General Debit Cash Credit
What is Paid cash for supplies
400
The procedure for arranging accounts in a ledger, assigning account numbers, and keeping records current.
What is File Maintenance?
400
The account name and account number creates this in a ledger.
What is a new ledger account?
400
The Balance Sheet Accounts are these three categories of accounts...
What are Asset, Liabilities, and Owner's Equity Accounts?
400
The Income Statement Accounts are made up of these two account classifications...
What are Revenues and Expenses
400
General Debit Sales Credit
What is sold services on account to A/R
500
Transferring information from a journal entry to a ledger account.
What is posting?
500
This type of ledger account usually has debits and credits, but the balance is always a credit.
What is accounts payable?
500
Expenses are listed in this order...
What is alphabetical?
500
There are usually numbers skipped when assigning account numbers because...
There is room left to add accounts in the future.
500
General Debit General Credit
What is bought supplies on account from A/P
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