Accounting Equation
Business Activities
T Accounts
General Journal
General Ledger
100
Asset
What is anything of value that is owned?
100
Transaction
What is a business activity that changes assets, liabilities, or owner's equity?
100
T Account
What is an accounting device used to analyze transactions?
100
Entry
What is the information for each transaction recorded in a journal called?
100
Ledger
What is a group of accounts?
200
Liability
What is the an amount owed by a business?
200
Account
What is a record summarizing all the information pertaining to a single item?
200
Normal Balance
What is the side of the account that is increased?
200
General Journal
What is a journal with 2 amount columns in which all kinds of entries can be recorded?
200
General Ledger
What is a ledger that contains all accounts needed to prepare financial statements?
300
Owner's Equity
What is the amount after all liabilities are subtracted from the assets?
300
Account Title
What is the name given to an account?
300
Debit
What is the amount recorded on the left side of a T Account?
300
Source Document
What is a business paper from which information is obtained for a journal entry?
300
Account Number
What is the number assigned to an account called?
400
Accounting
What is planning, recording, analyzing, and interpreting financial information?
400
Capital
What is the account used to summarize the owner's equity in the business?
400
Credit
What is the amount recorded on the right side of a T Account?
400
Memorandum
What is a form on which a brief message is written describing a transaction?
400
File Maintenance
What is the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current?
500
Proprietorship
What is a business owned by one person?
500
Revenue
What is an increase the owner's equity resulting from a sale?
500
Journal
What is a form for recording transaction in chronological order?
500
Sales Invoice
What is a source document for recording sales?
500
Positng
What is transferring information from a journal entry to a ledger account?
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