The Environment of Business
Business Transactions
Revenue and Expense Transactions
The Chart of Accounts
The Accounting Cycle
100
The amount of money earned over and above the amount spent to keep the business operating.
What is profit
100
An economic event that causes a change a change in assets, liabilities, or owner's equity
What is business transactions
100
Income earned from the sale of goods or services.
What is Revenue
100
Accountants use ______ system to analyze and record a transaction.
What is double-entry accounting
100
Lists specific information about a business transaction involving the buying or selling an item on account.
What is Invoice
200
A person who transforms ideas for products or services into real-world businesses.
What is entrepreneur
200
A subdivision under assets, liabilities, or owners equity.
What is an account
200
The cost of products or services used to operate a business.
What is Expense
200
An entry on the left side of an account
What is debit
200
A record of cash received by a business.
What is Receipt
300
Businesses that spend money operate at a.....
What is loss
300
The total amount of money owed to a business
What is Accounts Receivable
300
When a business owner takes cash or other assets from the business for personal use
What is Withdrawal
300
An entry on the right side of an account
What is credit
300
A brief written message that describes a transaction that takes place within a business.
What is Memorandum
400
People are free to produce the goods and services they choose in a......
What is free enterprise system
400
Liabilities + Owners Equity = ......
What is Assets
400
Office Equipment is a(n) ______ account?
What is asset
400
This tool for double-entry accounting shows the dollar increase or decrease in an account that is caused by a transaction.
What is a T-Account
400
Lists the same information that appears on a check: date written, the person the check was written for, and the amount of the check.
What is Check Stub
500
Money that investors, banks, or business owners supply is called.......
What is capital
500
The amount owed, or payable, to the creditors of a business.
What is Accounts Payable
500
Revenue increases assets and _______
What is owners equity
500
A list of all accounts used by a business.
What is a chart of accounts
500
The accounting period of a business is seperated into activities, this is called the.....
What is Accounting Cycle
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