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Ch 1
Ch 2
Ch 3
Ch 4
Ch 5
100
Planning, recording, analyzing, and interpreting financial information.
What is accounting?
100
A business that performs an activity for a fee.
What is a service business?
100
An increase in owner's equity resulting from the operation of a business.
What is revenue?
100
An amount recorded on the left side of a T account.
What is a debit?
100
A journal amount column headed with an account title.
What is a special amount column?
200
A person who plans, summarizes, analyzes, and interprets accounting information.
Who is an accountant?
200
Financial rights to the assets of a business.
What are equities?
200
A decrease in owner's equity resulting from the operation of a business.
What is an expense?
200
An amount recorded on the right side of a T account.
What is a credit?
200
A journal amount column that is not headed with an account title.
What is a general amount column?
300
A person who records, sorts, and files accounting information.
Who is an accounting clerk?
300
The amount remaining after the value of all liabilities is subtracted from the value of all assets.
What is owner's equity?
300
Assets taken out of a business for the owner's personal use.
What are withdrawals?
300
An account that reduces a related account on a financial statement.
What is a contra account?
300
A business paper from which information is obtained for a journal entry.
What is a source document?
400
The principles of right and wrong that guide an individual in making decisions.
What are ethics?
400
An equation showing the relationship among assets, liabilities, and owner's equity.
What is an accounting equation?
400
This is on the left side of the accounting equation.
What are assets?
400
An accounting device used to analyze transactions.
What is a T account?
400
A business form giving written acknowledgement for cash receieved.
What is a receipt?
500
A busines selling accounting services to the general public.
What is a public accounting firm?
500
A financial statement that reports assets, liabilities, and owner's equity on a specific date.
What is a balance sheet?
500
These are on the right side of the accounting equation.
What are liabilities and owner's equity?
500
A list of accounts used by a business.
What is a chart of accounts?
500
A form on which a brief message is written describing a transaction.
What is a memorandum?