Vocabulary 1
Vocabulary 2
Vocabulary 3
Vocabulary 4
Vocabulary 5
100
An entry to the right side of a T account
What is Credit
100
The account used to summarize the owner's equity in a business
What is Capital
100
Changes in financial information are reported for a specific period of time in the form of financial statements
What is Accounting Period Cycle Concept
200
A journal entry made to correct an error in a ledger
What is Correcting Entry
200
A list of accounts used by a business
What is Chart of Accounts
200
Journal entries recorded to update general ledger accounts at the end of a fiscal period
What is Adjusting Entries
200
The amount in an account
What is Account Balance
300
An equation showing the relationship among assets, liabilities and owner's equity
What is Accounting Equation
300
Financial information is recorded and reported separately from the owner's personal financial information
What is Business Entity Concept
300
An amount entered on the left side of a T account
What is Debit
300
An organized summary of a business's financial activities
What is Accounting Record
300
The number assigned to an account
What is Account Number
400
Anything of value that is owned
What is Assets
400
Journal entries used to prepare temporary accounts for a new fi9scal period
What is Closing Entries
400
A record summarizing all the information pertaining to a single item in the accounting equation
What is Account
400
A financial statement that reports assets, liabilities, and owner's equity on a specific date
What is Balance sheet
400
Changes recorded on a work sheet to update general ledger accounts at the end of the fiscal period
What is Adjustments
500
The name given to an account
What is Account Title
500
A planned process for providing financial information that will be useful to management
What is Accounting System
500
The series of accounting activities included in recording financial information for a fiscal period
What is Accounting Cycle
500
Financial statements that contain all information necessary to understand a business's financial condition
What is Adequate Disclosure Concept
500
The same accounting procedures are followed in the same way in each accounting period
What is Consistent Reporting Concept
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