Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
100
Plans, summarizes, analyzes, and interprets accounting information.
What does an accountant do?
100
An amount owed by a business.
What is a liability?
100
An increase in owner's equity resulting from the operation of a business.
What is revenue?
100
An amount recorded on the left side of a T account.
What is a debit?
100
A form for recording transactions in chronological order.
What is a journal?
200
A person who records, sorts, and files accounting information.
What does an account clerk do?
200
A business that performs an activity for a fee.
What does a service business do?
200
A transaction to pay for goods or services needed to operate a business results in a decrease in owner's equity.
What is an expense?
200
An amount recorded on the right side of a T account.
What is a credit?
200
recording transactions in a journal
What does journalizing mean?
300
A person who does general accounting work plus some summarizing and analyzing of accounting information.
What is a bookkeeper?
300
The amount remaining after the value of all liabilities is subtracted from the value of all assets.
What is owner's equity?
300
Liabilities and Owner's Equity
What are the headings on the right side of the balance sheet?
300
The basic device used to analyze the effect of transactions on account.
What is a T account?
300
A journal amount column headed with an accout title.
What is a general amount column?
400
Organized summaries of a business' financial activities.
What is an accounting record?
400
Anything of value that is owned.
What is an asset?
400
Revenues must be greater than expenses during most periods of time.
Do you you make a business succeed?
400
Either debited or credited to the account.
How is each amount entered in the accounts?
400
The recording of debit and credit parts of a transaction.
What is a double-entry accounting?
500
A person who does general kinds of office tasks, including some accounting tasks.
What is a general office clerk?
500
A business activity that changes assets, liabilities, or owner's equity.
What is a transaction?
500
When assets are taken out of a business for the owner's personal use.
What is a withdrawal?
500
Assets, libilities, owner's equity, revenue, and expenses.
How is each amount classified?
500
A business paper from which information is obtained for a journal entry.
What is a source document?
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