conforming to accepted and established professional standards of conduct
What is business ethics?
100
a person who handles a broad range of jobs related to the making of choices and decisions about the design for a business accounting system and the preparation and explanation of financial reports
What is an accountant?
100
a business form ordering a bank to pay cash from a bank account
What is a check?
200
an account showing the total assets taken out of the business by the owner
What is the drawing account?
200
a ledger that contains all accounts needed to prepare financial statements
What is the general ledger?
200
****DAILY DOUBLE****
1) the account used to summarize the owner's equity in a business
2) a journal that has two amount columns in which all kinds of entries can be recorded
What is
1) capital
2) general journal
200
planning, recording, and interpreting financial activities
What is accounting?
200
a report prepared to summarize the changes resulting from business transactions that occur during an accounting period
What is a financial statement?
300
an equation showing the relationship among assets, liabilities, and owner's equity
What is the accounting equation?
300
an organization with the legal rights of a person and which may be owned by many people
What is a corporation?
300
a decrease in owner's equity that results from the operation of a business
What are expenses?
300
Amount of goods on hand for sale to customers
What is merchandise inventory?
300
***DAILY DOUBLE***
1) the amount of money owed to the creditors of a business
2) the total amount of money owed to a business
What are.....
1) accounts payable
2) accounts receivable
400
an amount that is added to or subtracted from an account balance to bring the balance up to date
What are adjustments or adjusting entries?
400
a financial statement that reports assets, liabilities, and owner's equity on a specific date
What is a balance sheet?
400
entry-level accounting job that can vary with the size of the company from specialization in one part of the system to a wide range of record-keeping tasks
What is an accounting clerk?
400
the length of time for which a business summarizes and reports financial information
What is a fiscal period?
400
journal entries used to prepare temporary accounts for a new fiscal period
What are closing entries?
500
financial rights to the assets of a business
What is equity?
500
An amount earned by a corporation and not yet distributed to stockholders
What are retained earnings?
500
an account whose balance decreases another account's balance
What is a contra account?
500
a person who keeps regular, concise, accurate records of business transactions by entering them into accounting books
What is a bookkeeper?
500
Charging an equal amount of depreciation expense for a plant asset in each year of its useful life