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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
Anything of value that is owned.
What is 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 T Account
100
A form for recording transactions in chronological order.
What is Journal
200
A planned process for providing financial information that will be useful to management.
What is Accounting System
200
An amount owed by a business.
What is Liability
200
A decrease in owner’s equity resulting from the operation of a business.
What is Expense
200
An amount recorded on the left side of a T Account.
What is Debit
200
Recording transactions in a journal.
What is Journalizing
300
Organized summaries of a business’ financial activities.
What is Accounting Records
300
Assets = Liabilities + Owner’s Equity.
What is Accounting Equation
300
Assets taken out of a business for the owner’s personal use.
What is Withdrawals
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 Special Amount Column
400
A person who plans, summarizes, analyzes, and interprets accounting information.
What is Accountant
400
A business activity that changes assets, liabilities, or OE.
What is Transaction
400
3 categories under assets on the left side of a balance sheet.
What is Cash, Supplies, Prepaid Insurance
400
An account that reduces a related account on a financial statement.
What is Contra Account
400
A journal amount column that is not headed with an account title.
What is General Amount Column
500
A CPA.
What is Certified Public Accountant
500
The account used to summarize the owner’s equity in business.
What is Capital
500
Type of line that goes under two equal balances at the end of a balance sheet.
What is Double Line
500
A list of accounts used by a business.
What is Chart of Accounts
500
A business form given written acknowledgement for cash received.
What is Receipt