Ch.1
Someone who keeps track of all of the money a company receives and spends
Who is a Bookkeeper?
A business that performs an activity for a fee
What is a service business?
An asset that is normally withdrawn by an owner for personal use
What is Cash?
An amount recorded on the left side of a T account
What is a Debit?
A form for recording transactions in chronological order
What is Journal?
Uses financial investigative powers to keep an eye on the books
Who is an Auditor?
A business owned by one person
What is a proprietorship?
An increase in owner’s equity resulting from the operation of a business
What is revenue
The amount recorded on the right side of a T account
What is a Credit?
A business form ordering a bank to pay cash from a bank account
What is check?
The mathematical experts who estimate risks and costs for insurance companies
Who is an Actuary?
Anything of value that is owned
What is an asset?
A decrease in owner’s equity resulting from the operation of a business
What is an expense?
An accounting device used to analyze transactions
What is a T account?
A journal amount column headed with an account title
What is a special amount column?
Examine accounting and other financial records to find fraud, forgeries, irregularities
Who is a Forensic Account?
The account used to summarize the owner's equity in the business
What is a capital?
Assets taken out of a business for the owner’s personal use.
What is a withdrawal?
A list of accounts used by a business
What are Chart of Accounts?
A journal amount column that is not headed with an account title
What is a general amount column?
Helping people and businesses figure out how much they owe in taxes and preparing their financial records
Who is a Certified Public Account?
A business activity that changes assets, liabilities, or owner's equity
What is a transaction?
Two accounts that are affected by a cash payment for an expense
What is cash and owner's equity?
An account that reduces a related account on a financial statement
What is Contra Account?
A form on which a brief message is written describing a transaction
What is memorandum?