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Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
100
Planning, recording, analyzing, and interpreting financial information
What is Accounting
100
Assets = Liabilities + Owners Equity
What is the accounting equation?
100
An increase in owners 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
Organized summaries of a buisness' financial activities
What is Accounting records
200
A financial statement that reports assets, liabilities and Owners Equity on a specific date.
What is a balance sheet?
200
A decrease in owners equity resulting from the operation of a business.
What is an expense?
200
Is an amount record on the left side of a T account
What is debit?
200
recording transactions in a journal
What is journalizing?
300
The principles of right and wrong that guide an individual in making decisions.
What is ethics?
300
Amount owed by a business
What is a liability?
300
Assets taken out of a business for the owners personal use
What are withdrawls?
300
An amount recorded on the right side of a T account
What is credit?
300
a journal amount column headed with an account title.
What is a special account column?
400
The use of personal ethics in making business decisions.
What is business ethics?
400
Amount remaining after the value of all liabilities is subtracted from the value of all assets
What is owners equity?
400
A transaction for the sale of goods or services results in an ___ in owners equity.
What is an increase?
400
___ accounts have normal credit balances(right side) because liabilities appear on the right side of the accounting equation.
What is Liability?
400
the recording of debit and credit parts of a transaction
What is double entry accounting?
500
A person who does general kinds of office tasks, including some accounting tasks.
What is General Office Clerk?
500
A business activity that changes assets, liabilities, or owners equity.
What are transactions?
500
A transaction to pay for goods or services needed to operate a business results in a ___ in owners equity
What is a decrease?
500
___ capital account has a nermal credit balance(right side) because the capital account appears on the right side of the accounting equation.
What is owners?
500
A business paper from which information is obtained for a journal entry
What is a source document?