Accounting Equation
What is the process of planning, recording, analyzing, and interpreting financial information?
Accounting
What is an accounting device used to analyze transactions?
T Account
What is a form for recording transactions in chronological order?
Journal
Ledger
What is a planned process design to compile financial data and summarize the results in accounting records and reports?
Accounting system
Debit
What is the act of recording transactions in a journal?
Journalizing
What is a ledger containing all accounts needed to prepare financial statements?
A general ledger
What summarizes the financial condition and operations of a business?
Financial statements
What is an amount recorded on the right side of an account?
Credit
What is information for each transaction recorded in a journal?
An entry
What is the number assigned to an account?
An account number
What is a formal report that shows what individuals own, owes, and the difference between the two?
Net worth statement
What is a list of accounts used by a business?
Chart of Accounts
What is the recording of debit and credit parts of a transaction called?
Double-entry accounting
What is the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records?
File Maintenance
What is anything of value owned?
An asset.
What are amounts to be paid in the future for goods or services already acquired?
Accounts Payable
What is a business paper from which information is obtained for a journal entry?
Source Document
What is writing an account title and number on the heading of an account called?
Opening an account