Chapter 1 Terms
Planning, recording, analyzing, and interpreting financial information.
Accounting
Amounts to be paid in the future for goods or services already acquired.
Accounts Payable
A source document for cash received from transactions other that sales is called
Source document
How much does the average American spend on Christmas?
$1,000
During Theodore Roosevelt's presidency, he banned this holiday item from the White House.
Christmas Tree
An increase in owner's equity resulting from the operation of a business.
Revenue
Amounts to be received in the future due to the sale of goods or services.
Accounts Receivable
A business paper from which information is obtained for a journal entry is called
Source document
Which the considered the SECONDEST largest commercial holiday in the US?
Halloween
People in Japan order from this fast food restaurant on December 25th (A Japanese tradition)
KFC
The cost of goods or services used to operate a business. Causes a decrease in owner's equity.
Expense
A list of accounts used by a business.
Chart of Accounts
The recording of debit and credit parts of a transaction. is called
Double-entry accounting
What is the most popular to receive for a holiday?
Gift card
Which day of the year is the most populous shopping day? (HINT! it is near a holiday)
December 23rd
A business activity that changes assets, liabilities, and owner's equity.
Transaction
The side of the account that is increased.
Normal Balance
A form describing the goods or services sold, the quantity, and the price or a bill is called
Invoice
During the holidays, what percentage of Americans buy gifts for their family?
96%
Approximately how many holiday cards are sent in the US each year?
3 billion
A formal report that shows what an individual owns, what an individual owes, and the difference between the two.
Net Worth Statement
An accounting device used to analyze transactions.
T Account
The GAAP accounting concept that requires that a source document is prepared as proof that a transaction did occur is called
Objective Evidence
After the winter holidays, this is the most expensive holiday in America
Mother's Day
This square parallelepiped, an equilateral cuboid or a right rhombohedron, popular toy retailed for $1.99 in 1980 and was the most popular gift in the US. It now retails for about $10.00
Rubik's Cube