ch 1
Planning recording analyzing and interpreting financial information.
What is an accounting?
a business that performs a service for a fee.
what is a service business?
an increase in owner’s equity resulting from the operation of a business.
what is reneve?
A device that analyzes transaction
What is an T account?
form of recording transactions in chronological order
what is a journal?
A planned process for providing financial information that will be useful to management.
what is an accounting system?
a business owned by one person
what is a propireship?
A decrease in owner’s equity resulting from the operation of a business
what is an expense?
an account recorded on the left side of an T account.
What is Debit?
recording on a journal
What is journalizing?
Organized summaries of a business' financial activities
what are accounting records?
anything of value that is owned
What is an asset?
assets taken out of a business for the owner’s personal use
what is withdraws?
a list of accounts used by a businessan account recorded on the right side of an T account
What is a chart of accounts?
a journal amount column headed with an account title
what Special amount column?
A person who plans summarizes analyzes and interprets is called
what is an accountant?
financial rights to an asset
What is equities?
What accounts are affected, and how, when cash is received from sales?
What is cash and owner’s equity are increased because they both receive cash?
an account recorded on the right side of an T account
What is credit?
a journal amount column that is not headed with an account title
What is general amount?
an amount owed by a business
what is a liability?
What accounts are affected, and how, by a cash payment for an expense?
what is cash and OE decrease because they are making payment?.
an account that reduces a related account on a financial statement
What is an contra account?
information for each transaction in a journal
what is entry?