Basic Principles
Accounting Equation
Assets = Liabilities + Owner's Equity
Planning, recording, analyzing, and interpreting financial information
What is Accounting?
Balance Sheet Accounts
What is Assets, Liabilities, and Owner's Equity?
A form for recording transactions in chronological order.
What is a Journal?
The number assigned to an account
What is an Account Number?
Right Side of T Account Chart
What is Credit?
Information for each transaction recorded in a journal
What is an Entry?
Income Statement Accounts
What is Revenue and Expenses?
Recording transactions in a journal
What is Journalizing?
The journal page number matches the _____ on a ledger.
What is Post Reference
Left Side of T Account Chart
What is Debit?
A journal with two amount columns in which all kinds of entries can be recorded
What is a General Journal?
Sales # in General Ledger
What is 410?
A business paper from which info is obtained for a journal entry
What is a Source Document?
The account with the most transactions in a ledger
What is Cash
Category of Accounts Receivable
What is Assets?
A group of accounts
What is a Ledger?
Expenses' Number Category
What is 500's?
Transactions are recorded in a journal in order by
What is Date?
Transferring information from a journal entry to a ledger account
What is Posting?
An increase in owner's equity resulting from the operation of a business
What is Revenue
The number assigned to an account
What is an Account Number?
Assets' Number Category
What is 100's?
Purpose of General Journal
What is Record Transactions?
Writing an account title and number on the heading of an account
What is Opening an Account?