Chapter 4
Chapter 5
Chapter 6
Chapter 7
Chapter 8
100
A number assigned to an account
What is account number
100
A bank account from which payments can be ordered by a depositor
What is checking account
100
The length of time for which a business summarizes and reports financial information
What is fiscal period
100
The income on an income that is verified by checking the balance sheet
What is net income
100
A trail balance prepared after the closing entries are posted
What is post-closing trail balance
200
A procedure for arranging accounts in a general ledger assigning account numbers and keeping records current
What is file maintenance
200
An amount of cash kept on hand and used for making small payments
What is petty cash
200
A financial statement showing the revenue and expenses for a fiscal period
What is income statement
200
The percentage relationship between one financial statement item in a total that includes that item
What is component percentage
200
The series of accounting activities included in recording financial information for a fiscal period
What is accounting cycle
300
Determining that the amount of cash agrees with the balance of the cash account in the accounting records
What is proving cash
300
A computerized cash payments system that transfers funds without he use of checks, currency, or other paper documents
What is electronic funds transfer
300
A columnar accounting form used to summarize the general ledger information needed to prepare financial statements
What is work sheet
300
Any person or group that can be affected by an action
What is stakeholders
300
Journal entries recorded to update general ledger accounts at the end of the fiscal period
What is adjusting enteries
400
A journal entry made to correct an error in a previous journal entry
What is correcting entry
400
A bank card that, when making purchases, automatically deducts the amount of a purchase from the checking account of the card holder
What is debit card
400
The difference between total revenue and total expense when total revenue is greater
What is net income
400
Concept that is applied when financial statement contain all information necessary to understand a businesses financial condition
What is adequate disclosure
400
Journal entries used to prepare temporary accounts for a new fiscal period
What is closing entries
500
An account form that has columns for the debt and credit balance of an account
What is balanced ruled account
500
A statement that guides the ethical behavior of a company and its employees
What is code of conduct
500
The difference between total revenue and total expenses when total expenses are greater
What is net loss
500
Reports financial information on a specific date and includes the assets, liabilities, and owners equity
What is balance sheet
500
Accounts used to accumulate information from one fiscal period to the next
What is permanent accounts
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