Ch.1
Ch.2
Ch.3
Ch.4
Ch.5
100
Planning, recording, analyzing, and interpreting financial information
What is accounting?
100
A business that performs an acitivity for a fee
What is service business?
100
A transaction for the sale of goods or services results in an increase in owners' equity
What is revenue?
100
An amount recorded on the left side of a T account
What is debit?
100
A form for recording transactions in chronological order
What is journal?
200
A person who plans, summarizes, analyzes, and interprets accounting information
What is an accountant?
200
Financial rights to the assets of a business
What is equitites?
200
A decrease in owners equity resulting from the operation of a business
What is expense?
200
An amount recorded on the right side of a T account
What is credit?
200
Information for each transaction recorded in a journal
What is an Entry?
300
Organized summaries of a business' financial activities
What is accounting records?
300
An equation showing the relationship among assets, liabilities, and owners equity
What is accounting equation?
300
Assets taken out of a business for the owners' personal use
What is withdrawals?
300
An accounting device used to analyze transactions
What is T account
300
A business paper from which information is obtained for a journal entry
What is Source Document?
400
The use of personal ethics in making business decisions
What is business ethic?
400
The account used to summarize the owners equity in business
What is capital?
400
Withdrawals do this to owners equity
What is decrease
400
A list of accounts used by a business
What is chart of accounts?
400
Determining that the amount of cash agrees with the accounting records
What is proving cash?
500
A planned process for providing financial information that will be useful to management
What is accounting system?
500
A financial statement that reports assets, liabilities, and owners equity on a specific date
What is a balance sheet?
500
Many businesses prepare balance sheets only on this day
What is the last day of the month?
500
An account that reduces a related account on a financial statement
What is contra account?
500
A form on which a brief message is written describing a transaction
What is memorandum?
M
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