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Ch 5
100
Planning, recording, analyzing, and interpreting financial information
What is accounting?
100
Anything of value that is owned
What is an asset?
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 iin 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
An amount owed by a business
What is a liability?
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
Information for each transaction recorded in a journal
What is an entry?
300
The prinicples of right and wrong that guide an individual in making decisions
What is ethics?
300
The amount remaining after the value of all liabilities is subtracted from the values of all assets
What is owners' equity?
300
Assets taken out of a business for the owner's personal use
What are withdrawals?
300
An amount recorded on the right side of a T account
What is a credit?
300
Determining that the amount of cash agrees with the accounting records
What is proving cash?
400
A person who records, sorts, and files accounting information
What is an accounting clerk?
400
A business activity that changes assets, liabilities, or owner's equity
What is a transaction?
400
Contains the asset accounts
What is the left side of the balance sheet?
400
An account that reduces a related account on a financial statement
What is a contra account?
400
A business paper from which information is obtained for a journal entry
What is a source document?
500
An accountant who is employed by a single business
What is a private accountant?
500
A financial statement that reports assets, liabilities, and owner's equity on a specific date
What is a balance sheet?
500
Contains liability and owner's equity accounts
What is the right side of a balance sheet?
500
A list of accounts used by a business
What is a chart of accounts?
500
Recording transactions in a journal
What is journalizing?