Chapter 1
Someone you keeps track of money the company spends and receives
What is a bookkeeper?
anything of value that is owned
What is an asset?
an increase in owner’s equity resulting from the operation of a business
What is revenue?
an amount recorded on the left side of the T account
What is debit?
a form for recording transactions in chronological order
what is journal?
Someone who keeps an eye on the books
What is Auditor?
financial rights to the assets of a business
What is equities?
a decrease in owner’s equity resulting from the operation of a business
What is an expense?
an accounting device used to analyze transaction
What is a T Account?
a journal amount column headed with an account title
What is Special Amount Column?
Someone who is mathematical experts who estimate risks and costs for insurance companies
What is Actuary?
an amount owed by a business
what is a liability?
Assets taken out of a business for the owner’s personal use
what is withdrawals?
an amount recorded on the right side of the T account
What is Credit?
information for each transaction recorded in journal
What is entry?
Someone who helps people and businesses figure out how much they owe in taxes and preparing their financial records.
What is Certified Public Accountant?
a financial statement that reports assets, liabilities, and owner’s equity on a specific date
What is a balance sheet?
the asset normally withdrawn by an owner for personal use
What is cash?
a list of the accounts used by a business
What a Chart of Accounts?
a business paper from which information is obtained for a journal entry
What is a source document?
Someone who examine accounting and other financial records to find fraud, and forgeries, and irregularities
What is Forensic Accountant?
a record summarizing all the information pertaining to a single item in an accounting equation
What is an account?
a transactions that decreases owner’s equity
What is removing money for personal use?
an account that reduces a related account on a financial statement
what is Contra Account?
a business form giving written acknowledgement for cash received
What is receipt?