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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 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 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 planned process for providing financial information that will be useful to management
What is the accounting system?
200
A business owned by one person
What is a proprietership?
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 side of a T account
What is a debit?
200
Recording transactions in a journal
What is journalizing?
300
Organized summaries of a business’ financial activities
What is accounting records?
300
Anything of value that is owned
What is an asset?
300
Assets taken out of a business for the owner’s personal use
What is a withdrawl?
300
An amount recorded on the right side of a T account
What is a credit?
300
A journal amount column headed with an account title
What is a special amount column?
400
A person who plans, summarizes, analyzes, and interprets accounting information
What is an accountant?
400
Financial rights to the assets of a business
What are equities?
400
Assets
What is the left side of the accounting equation?
400
An account that reduces a related account on a financial statement
What is a contra account?
400
A journal amount column without 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
An amount owed by a business
What are liabilities
500
Liabilities and owner’s equity
What is on the right side of the accounting equation?
500
A list of accounts used by a business
What is a chart of accounts?
500
Information for each transaction recorded in a journal
What is an entry?