Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
100
The planning, recording, analyzing, and interpreting financial information.
What is accounting
100
Financial rights to the assets of a business
What is equity?
100
An increase in owner’s equity resulting from the operation of a business
What is revenue?
100
An accounting device used to analyze transactions
What is T account?
100
A form for recording transactions in chronological order
What is a journal?
200
A planned process for providing financial information that will be useful to management
What is accounting system?
200
An amount owed by a business.
What is liability?
200
A decrease in owner’s equity resulting from the operation of a business.
What is Expense?
200
An amount recorded on the left side of the T account.
What is Debit?
200
A journal amount column headed with an account title.
What is a special amount column?
300
Organized summaries of a business’ financial activities.
What is accounting records?
300
Assets = liabilities + owner’s equity
What is the Accounting Equation?
300
Assets taken out of a business for the owner’s personal use.
What are Withdrawals?
300
An amount recorded on the right side of the T account.
What is Credit?
300
A journal amount column not headed with an account title.
What is a general amount column?
400
A person who plans, summarizes, analyzes, and interprets accounting information
What is an Accountant?
400
An accounting activity that changes assets, liabilities or owner’s equity
What is a Transaction?
400
This is what both sides of the balance sheet should do.
What is equal?
400
An account that reduces a related account on a financial statement.
What is a contra account?
400
Information for each transaction recorded in a journal
What is an entry?
500
A person who does general accounting work plus some summarizing and analyzing of accounting information
What is a bookkeeper?
500
Anything of value.
What is an asset?
500
What the double line under total assets and total Liab. And OE represents
What is both sides equal?
500
A list of accounts used by a business.
What is a chart of accounts?
500
The recording of debit and credit parts of a transaction.
What is double-entry accounting?
M
e
n
u