Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
100
Planning, recording, anaylzing, and interpreting financial information.
What is accounting?
100
Anything of value that is owned.
What is Asset?
100
Assets= Liabilities + Owner's Equity
What is the Accounting Equation?
100
An accounting device used to analyze transactions.
What is a T account?
100
A journal amount column headed with an account title.
What is Special Amount Column?
200
A planned process for providing financial information that will be useful to mangement.
What is accounting system?
200
Financial rights to the assets of a business.
What is equities?
200
An increase in owner's equity resulting from the operation of a business.
What is revenue?
200
A list of accounts used by a business.
What is chart of accounts?
200
A journal amount column that is not headed with an account title.
What is General Amount Column?
300
Organized summaries of a business' financial activities.
What is accounting records?
300
Business activity that changes assets, liabilities, or owner's equity.
What is transaction?
300
A decrease in owner's equity resulting from the operation of a business.
What is expense?
300
Classified as assets, liabilities, owner's equity, revenue, and expenses.
How are each account classified?
300
The recording of debit and credit parts of a transaction.
What is Double-Entry Accounting?
400
A person who does general kinds of office tasks.
What is general office clerk?
400
The account used to summarize the owner's equity in business.
What is capital?
400
Assets taken out of a business for the owner's personal use.
What is withdrawls?
400
The amount is either debited or credited to the account.
How is each amount entered in the accounts?
400
A business paper from which information is obtained for a journal.
What is Source Document?
500
The oldest and largest of Professional Organizations.
What is AICPA?
500
Financial statement that reports assets, liabilities, and owner's equity on a specific date.
What is balance sheet?
500
A revenue transaction.
What increases owner's equity?
500
An amount recorded on the left side of the T account.
What is debit?
500
A business form ordering a bank to pay cash from a bank account.
What is a check?
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