Show:
Businesses
Accounting concepts
Accounting terms
T accounts
100
A business owned by one person
What is a proprietorship
100
When a business's financial information is recorded separately from the owner's personal information
What is business entity
100
Anything of value
What is an asset
100
Debit supplies and credit cash
What is paid cash for supplies
200
Sole proprietorship
What is another name for a proprietorship
200
Business transactions are stated in numbers that have common values (such as dollars in the US)
What is Unit of Measurement
200
A business activity that changes assets, liabilities, or owner's equity
What is a transaction
200
Debit prepaid insurance and credit cash
What is paid cash for prepaid insurance
300
A business that performs an activity for a fee
What is a service business
300
Buying items and paying for them at a future date
What is on account
300
The account used to summarize the owner's equity
What is capital
300
Debit miscellaneous expense and credit cash
What is paid cash for miscellaneous expense
400
Revenue is recorded regardless of when the payment is made
What is Realization of Revenue
400
A list of accounts used by a business
What is chart of accounts
400
Debit supplies and credit Accounts Payable Sandlins' Discount
What is bought supplies on account from Sandlin's Discount
500
The financial rights to the assets of a business
What is equities
500
Debit Accounts Receivable Dominik Field and credit sales
What is performed services for Dominik Field on account