Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
100
Planning, recording, analyzing, and interpreting financial information
What is accounting
100
Anything of value that is owned
What is asset
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 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 a T account
What is debit
200
Recording transactions in a journal
What is journalizing
300
Organized summaries of a business’ financial activities
What is accounting records
300
The amount remaining after the value of all liabilities is subtracted from the value of all assets
What is owner's equity
300
Assets taken out of a business for the owner’s personal use
What is withdrawals
300
An amount recorded on the right side of a T account
What is credit
300
A journal amount column headed with an account title
What is special account column
400
A person who plans, summarizes, analyzes, and interprets accounting information
What is accountant
400
Assets= Liabilities + Owner’s Equity
What is the accounting equation
400
True or False? In the accounting equation, both sides must be equal?
What is true
400
A list of accounts used by a business
What is chart of accounts
400
A business form ordering a bank to pay cash from a bank account
What is check
500
A person who records, sorts, and files accounting information
What is accounting clerk
500
A financial statement that reports assets, liabilities, and owner’s equity on a specific date
What is balance sheet
500
True or False? The right side of a balance sheet contains asset accounts?
What is false
500
An account that reduces a related account on a financial statement
What is contra account
500
A business form giving written acknowledgement for cash received
What is receipt
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