Vocabulary
Chart of Accounts
Account Balances
GAAPs
Source Docs
100
Recording a transaction in a journal
What is journalizing?
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
The source document for Cash Sales.
What is a Calculator Tape?
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 source document for a sale on account.
What is a sales invoice?
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
If the miscellaneous expense account is 560 and the supplies expense account is 570 the postage expense account number be
What is 565?
400
A source document is prepared for each transaction.
What is objective evidence?
400
Another name for a sales invoice.
What is sales ticket or sales slip?
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
The first number for the following account classifications... Expenses, Owners' Equity and Liabilities
What is 5, 3, 2?
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 source document used for a cash payment.
What is a check?
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