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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 planned process for providing financial information that will be useful to management.
What is an accounting system?
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 side 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 plans, summarizes, analyzes, and interprets accounting information
What is an accountant?
300
An equation showing the relationship among assets, liabilities, and owner's equity.
What is the accounting equation?
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
A journal amount column that is not headed with an account title.
What is a general amount column?
400
A business selling accounting services to the general public.
What is a public accounting firm?
400
A record summarizing all the information pertaining to a single item in the accounting equation.
What is an account?
400
Accounts affected when cash is received from sales.
What are Cash and Owner's Equity?
400
A list of accounts used by a business.
What is a chart of accounts?
400
The recording of debit and credit parts of a transaction.
What is double-entry accounting?
500
The principles of right and wrong that guide an individual in making decisions.
What are ethics?
500
A financial statement that reports assets, liabilities, and owner's equity on a specific date.
What is a balance sheet?
500
Accounts affected by a cash payment for an expense.
What are Cash and Owner's Equity?
500
An account that reduces a related account on a financial statement.
What is a contra account?
500
A business paper from which information is obtained for a journal entry.
What is a source document?