chapter 1
Do administrative work for banking,
insurance, and other companies.
what is a Financial Clerk
a business that performs an activity for a few
what is a service business
increase in owners equity
what is a revenue
an accounting device used to analyze transactions
what is a t account
a form for recording transactions in chronological order
what is a journal
Keep track of all of the $
a company receives & spends.
what is a bookkeeper
business owned by one person
what is a proprietorship
decrease in owners equity
what is a expense
an amount recorded on the left side of a t account
what is a debit
recording transactions in a journal
what is a journalizing
Use your financial investigative
powers to keep an eye on the books.
what is a auditor
the amount remaining after the value of all liabilities is subtracted from the value of all assets
what is a owners equity
assets taken out of a business
what is a withdrawal
an amount recorded on the right side of a t account |
what is a credit
the nature of the business determines the type of journal used
what is a remember
The mathematical experts who
estimate risks and costs for
insurance companies
what is a actuary
an equation showing the relationship among assets liabilities and owners equity |
what is a accounting equation
What must be true of the accounting equation after each transaction is
recorded?
what is a both sides equal
an account that reduces a related account on a financial statement |
what is a contra account
a journal amount column headed with an account title
what is a special amount column
Helping people and businesses
figure out how much they owe
in taxes and preparing their
financial records.
what is a
Certified Public Accountant
a record summarizing all the information pertaining to a single item in all the accounting equation
what is a account
What are four expense transactions other than rent and utilities?
what is a
supplies prepaid insurance bills personal expenses
a chart of accounts is a created list
what is a chart of accounts
a journal amount column that is not headed with an account title
what is a general amount column