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100
normal balance
What is the side used to record increases to the account
100
chart of accounts
What is a system manual or electronic where accounts are grouped together
100
double entry accounting
What is a system of recordkeeping in which each business transaction affects at least two accounts
100
a ledger
What is a list of all the accounts and their assigned account numbers
200
values
What is the principles you live by and the beliefs that are important to you
200
accounting equation
What is the relationship between assets and both types of equity (liabilities and owner's equity)
200
revenue
What is income earned from the sale of goods or services
200
temporary accounts
What is revenue, expense, and withdrawal accounts are used to collect information for a single accounting period in these accounts
300
journal
What is the paper that is prepared as evidence of the business transaction
300
profit
What is the amount of money earned over and abouve the amout spent to keep the business operating
300
transposition error
What is an error that occurs when two digits within an amount are revised
300
permanent accounts
What is continuous accounts from one accounting period to the next
400
accounting cycle
What is an accounting period of a business is separated into activities that help the business keep its accounting records orderly
400
sole proprietorship
What is a business owned by one person
400
trial balance
What is the form prepared to prove that debits equal credits
400
going concern
What is a business that has the ability to survivee and operate indefinitely
500
fiscal year
What is an accounting period of 12 months
500
service business
What is a business that provides a needed service for a fee
500
on account
What is it when you buy something on credit you have purchased it
500
net income
What is when total expensed are greater than revenue
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