Category 1
Anything of value that is owned.
A_______
What is Asset?
A business owned by one person.
S______P_____________
What is Sole Proprietorship?
A check that has been paid by the bank.
C_____________ C____________
What is Canceled Check?
A bank card that automatically deducts the amount of a purchase from the checking account of the card holder.
D________ C_______
What is Debit Card?
A report of deposits, withdrawals, and bank balances sent to a depositor by a bank.
B_________ S_______________
What is Bank Statement?
A business activity that changes assets, liabilities, or owner's equity.
T__________________
What is Transaction?
The difference between personal assets and personal liabilities.
P__________ N_________ W__________
What is Personal Net Worth?
An amount owed by a business.
E___________
What is Expense?
A bank form listing the checks, currency, and coins that an account holder is adding to the bank account.
D__________ S________
What is Deposit Slip?
An amount of cash kept on hand and used for making small payments.
P__________ C_________
What is Petty Cash?
Planning, recording, analyzing, and interpreting financial information.
A________________
What is Accounting.
Assets taken out of a business for the owner's personal use.
W_________________
What is Withdrawals?
A business that performs a service for a fee.
S__________ B____________
What is a Service Business?
A person or business to whom a liability is owed.
C____________
What is Creditor?
An endorsement on the back of a check consisting only of a signature is a(n)
B___________ E___________
What is Blank Endorsement?
The name given to an account.
A_____________ T___________
What is Account Title?
A signature or stamp on the back of a check, transferring ownership.
E_______________
What is Endorsement?
A formal report that shows what an individual owns, what an individual owes, and the difference between the two.
N_______ W________ S____________
What is Net Worth Statement?
An increase in owner's equity resulting from the operation of a business.
R______________
What is Revenue?
The amount in an account.
A____________ B___________
What is Account Balance?
A sale for which cash will be received at a later date.
S______ o__ A__________
What is Sales on Account?
The amount remaining after the value of all liabilities is subtracted from the value of all assets.
O____________ E___________
What is Owner's Equity?
Financial reports that summarize the financial conditions and operations of a business.
F_____________ S_____________
What is Financial Statements?
A planned process for providing financial information that will be useful to management.
A_____________ S____________
What is Accounting System?
An equation showing the relationship among assets, liabilities, and owner's equity.
A_____________ E______________
What is Accounting Equation?