Technical Terms
Ownership
Statements
Accounting Equation
Hit or Miss
100
Is the language of business; it provides information to managers owners, investors, government agencies, and others in the organization.
What is Accounting
100
A business owned by one person.
What is Sole Proprietorship
100
A formal statement that presents the information from the ending balances of both sides of the accounting equation.
What is the Balance Sheet
100
Cash, Land, supplies, office equipment, buildings, and other properties of value
What are Assets
100
The left side of a T-Account
What is the Debit
200
The recording function of the accounting process.
What is Bookkeeping
200
A type of business organization that is owned by stockholders.
What is a Corporation
200
Only shows Revenue and Expenses
What is the Income Statement
200
Liabilities plus Owner's Equity equals
What is Assets
200
Name given to the totals of both sides of a T-Account
What is the Footing
300
Companies such as Intel and BMW are called what type of businesses.
What is Manufacturer
300
A business owned by more than one person.
What is a Partnership
300
Withdrawals show up on this statement
What is the Statement of Owner's Equity
300
Buyiing on account affects what category
What is Liabilities
300
The right side of the T-Account
What is the Credit
400
A limo service is a good example of what type of company.
What is a Service Company
400
A business owned by a few stockholders, and they are liable only to the extent of their investments. No abbreviations please!
What is a Limited Liability Corporation
400
Revenue greater than expenses
What is Net Income
400
Rights or financial claim to the assets of a business
What is Owner's Equity
400
The side of an account that increases by the rules of debit and credit
What is the Normal Balance
500
Gap and JCPenny's sell products, which make them what type of company's.
What is Merchandise Company
500
This type of business can continue indefinitely its operations, without death or closing of the business being at fault.
What is Corporation
500
This statement is prepared last
What is Balance Sheet
500
The owner's investment of equity in the company
What is Capital
500
A transaction involving more than one debit or credit
What is a Compound Entry (or Compound Transaction)
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