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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 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
A T account
How can the accounting equation be represent as?
100
A form for recording transactions in chronological order
What is a journal?
200
A person who does general accounting work plus some summarizing and analyzing of accounting information.
What is a bookkeeper?
200
Assets= Liabilities+Owner's Equity
What is the accounting equation?
200
Assets taken out of a business for the owner's personal use.
What is a withdrawl?
200
An accounting device used to analyze transactions.
What is a T account?
200
Recording transactions in a journal
What is journalizing?
300
A planned process for providing financial information that will be useful to management
What is an accounting system?
300
A financial statement that reports assets, liabilities, and owner's equity on a specific date.
What is a balance sheet?
300
Decrease
Does a withdrawl decrease or increase owner's equity?
300
An amount recorded on the left side of a T account.
What is debit?
300
A journal amount column headed with an account title
What is a special amount column?
400
An accountant who is employed by a single business
What is a private accountant?
400
Assets, liabilities, owner's equity
What are the three sections of a balance sheet?
400
The last day of the month
What days do most businesses prepare a balance sheet?
400
An amount recorded on the right side of a T account?
What is credit?
400
A journal amount column that is NOT headed with an account title
What is a general amount column?
500
A business selling accounting services to the general public.
What is a public accounting firm?
500
Find the errors before completing any more work
What should be done if a balance sheet is not in balance?
500
A decrease in owner's equity resulting from the operation of a business.
What is an expense?
500
Increase
Do the account balances increase or decrease on the normal balance side of an account?
500
the recording of debit and credit parts of a transaction
What is a double-entry?