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Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
100
Planning, recording, analyzing, and interpreting financial information
What is accounting?
100
An equation showing the relationship among assets, liabilities, and owner’s equity.
What is the accounting equation?
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 journal amount column headed with an account title.
What is a special amount column?
200
A person who does general accounting work plus some summarizing and analyzing of accounting information.
What is a Bookkeeper?
200
A business activity that changes assets, liabilities, or owner's equity.
What is a transaction?
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 that is not headed with an account title.
What is a general amount column?
300
A person who records, sorts, and files accounting information.
What is an accounting clerk?
300
A business that performs an activity for a fee.
What is a service business?
300
Assets taken out of a business for the owner's personal use.
What are withdrawals?
300
A list of accounts used by a business.
What is a chart of accounts?
300
A business form giving written acknowledgement for cash received.
What is a receipt?
400
A business selling accounting services to the general public.
What is a public accounting firm?
400
Cash is paid for insurance. Two accounts are affected, assets and ________
What is an asset?
400
An account that reduces a related account on a financial statement.
What is a contra account?
400
A business form ordering a bank to pay cash from a bank account.
What is a check?
500
A person who does general kinds of office tasks, including some accounting tasks.
What is a general office clerk?
500
Financial rights to the assets of a business
What are equities?
500
Cash is paid to the owner for personal use. Two accounts are affected assets and ___________.
What is owner's equity?
500
An amount recorded on the right side of a T account.
What is a credit?
500
A business paper from which information is obtained for a journal entry.
What is a source document?