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Ch 1
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Ch 5
100
Planning, recording, analyzing, and interpreting financial information.
What is accounting?
100
A business owned by one person.
What is a proprietorship?
100
An increase in owner's equity resulting from the operation of a business.
What is revenue?
100
An accounting device used to analyze transactions.
What is a T account?
100
A form for recording transactions in chronological order.
What is a journal?
200
A business selling accounting services to the general public.
What is a public accounting firm?
200
Anything of value that is owned.
What is an asset?
200
A decrease in owner's equity resulting from the operation of a business.
What is an expense?
200
An amount recorded on the left and right sides of a T account.
What is a debit?
200
A journal amount column headed with an account title.
What is a special amount column?
300
A person who does general accounting work plus some summarizing and analyzing of accounting information.
Who is a bookkeeper?
300
An amount owed by a business.
What is a liability?
300
Cash goes on this side of the accounting equation.
What is the asset side?
300
An amount recorded on the right side of the T account.
What is a credit?
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
A business activity that changes assets, liabilities, or owner's equity.
What is a transaction?
400
Capital accounts fall under this part of the accounting equation.
What is owner's equity?
400
Each transaction changes the balance of at least this many accounts.
What is 2 accounts?
400
A journal amount column that is not headed with an account title.
What is a general amount column?
500
A person who does general kinds of office tasks, including some accounting tasks.
Who is a general office clerk?
500
The account used to summarize the owner's equity in a business.
What is capital?
500
Paying for utility expenses would subtract from these two accounts.
What are cash and capital?
500
Assets have normal balance on which side of the T account?
What is the left side?
500
A business form giving written acknowledgement for cash received.
What is a receipt?