vocabulary 1
A difference between total revenue and total expenses when total expenses are greater
What is a Net loss?
item owed
What is a liability?
what is the first two steps in the accounting cycle
What is Transactions and Journal entries?
The difference between total revenue and total expense when total revenue is greater
Net Income
A company's Net income
What is Total Earnings?
Distributions of a corporations earning to stockholders
What is a Dividend?
Something that is owned
What is an Asset?
What are the 3rd and 4th steps of accounting
What is Posting and Trial Balance?
A business Owned by one person
What is a Proprietorship?
A business paper form which information is obtained
What is a Source Document?
An additional journal entry made to correct an incorrect journal entry
What is a Correcting entry?
Lines on a balance sheet that refers to money owed by a business
What is accounts payable?
The Total of all debit account balances must equal the total of all credit account balances
The Amounts recorded either on the right or the left side of an account
What is a Credit and Debit
An account in the general ledger summarizing the transactions recorded in the subsidiary ledger
What is Controlling Account?
The side of the account that is increased
What is Normal Balance?
Decreases both assets and Owners Equity
What is a Withdrawal?
Determining that the account of cash agrees with the balance of the cash account in the accounting records
What is Proving Cash?
A form for recording transactions in chronological order
Journal
A Journal amount column headed with an account title
What is A Special Amount Column?
list of all accounts used by a business
What is chart of accounts?
Difference between total Assets and total Liabilities
What is Owners Equity?
A financial Statement that reports the value of a business assets, Liabilities, and owners equity on a specific date
What is a Balance Sheet?
The length of time for which a business summarizes it's financial information and reports its financial performance
fiscal period
Non-Employees elected by stockholders to oversee the company through periodic meetings
Board of Directors