Vocabulary
Chart of Accounts
Account Balances
GAAPs
Surprise
100
Transferring information from a journal entry to a ledger account.
What is posting?
100
The number assigned to an account.
What is an account number?
100

If the cash account has a Debit balance of $1,000 and you post a credit of $100 the balance is

What is $900?

100
Financial information is recorded and reported separately from the owner's personal financial information.
What is Business Entity?
100

An accounting device used to analyze transactions is called

What is a T account?

200
A group of accounts.
What is a ledger?
200
The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current is called
What is file maintenance?
200
If the balance is the accounts receivable account is $1,500 you posted a Debit for 500, a Credit for 400 and a debit for 1,000 the balance is
What is 2,600?
200
Business Transactions are reported in numbers that have common values.
What is Unit of Measurement?
200

The recording of debit and credit parts of a transaction.

What is double-entry accounting?

300
An additional journal entry made to correct an incorrect journal entry.
What is a correcting entry?
300
The first digit of the account number shows this.
What is the general ledger division?
300
The normal balance of a Concession Stand Revenue account.
What is a credit?
300
Revenue is recorded at the time goods and services are sold.
What is Realization of Revenue? or Revenue Recognition
300

A form on which a brief message is written to describe a transaction.

What is a memo or memorandum?

400
A ledger that contains all accounts needed to prepare financial statements.
What is general ledger?
400
Assets start with
What is a 1?
400
You had $100 in accounts receivable, you sold $500 of service on account and an accounts receivable customer paid you 400. What is the balance in your A/R
What is 200?
400
A source document is prepared for each transaction.
What is objective evidence?
400

The Father of Accounting

Who is Luca Pacioli?

500
Determining that the amount of cash agrees with the balance of the Cash account in the accounting records.
What is proving cash?
500
Revenue accounts start with
What is a 4?
500
Your cash account has 1,000 in it. You journalize a purchase of supplies for cash of 200 and you receive 500 from your accounts receivable customer. The balance in cash is?
What is 1,300?
500
Since 1973, the Financial Accounting Standards Board (FASB) has assumed responsibility for setting financial accounting standards known as
What is GAAP? Generally Accepted Accounting Principles.
500

The "BIG FOUR" accounting firms

What are Deloitte, PWC, Ernst and Young, KPMG?

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