Starting Proprietorship
What are the financial rights to assets of a business.
What are equities?
Amount recorded on left side of an account.
What is a Debit?
Information for each transaction recorded in a journal.
What is an entry?
A group of accounts.
What is a ledger?
What is a formal written document that describes how a business will operate?
What is a business plan?
Amount recorded on the right side of an account.
What is a credit?
A form for recording transactions in chronological order.
What is a journal?
The number assigned to an account.
What is an accounting number?
What is a business that performs an activity for a fee?
What is a service business?
Accounting device used to analyze transactions.
What is a T account?
A business form ordering a bank to pay cash from a bank account?
What is a check?
A ledger that contains all accounts needed to prepare financial statement.
What is a general ledger?
“Generally Accepted Accounting Principles”
What is GAAP?
The side of the account that increased.
What is a normal balance?
A business paper from which information is obtained for a journal entry.
What is a source document?
Writing an account title and number on the heading of an account.
What is opening an account?
A business opened by one person.
What is a proprietorship?
An accounting entry that creates a decrease in liabilities or an increase in assets.
What is a Debit?
The recording of debit and credit parts of a transaction.
What is a double entry accounting?
Procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current.
What is file maintenanc?