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Chapter One
Chapter Two
Chapter Three
Chapter Four
Chapter Five
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 accountng device used to analyze transactions.
What is a T account?
100
A form for recording transactions in chronological order.
What is a journal?
200
Organized summaries of a business' financial activities.
What is accounting records?
200
A business activity that changes assets, liabilities, or owner's equity.
What is a transaction?
200
When a company receives cash for services performed ________ accounts are affected.
What is two?
200
An amount recorded on the right side of a T account.
What is credit?
200
A journal amount column that is not headed with an account title.
What is a general amount column?
300
An accountant who is employed by a single business.
What is a private accountant?
300
A record summarizing all the information pertaining to a single item in the accounting equation.
What is an account?
300
A transaction to pay for goods or services needed to operate a business results in a _______ (increase or decrease) in owner's equity.
What is decrease?
300
An amount recorded on the left side of a T account.
What is debit?
300
A business form giving written acknowledgement for cash received.
What is a receipt?
400
A person who does general kinds of office tasks, including some accounting tasks.
What is a general office clerk?
400
The amount in an account.
What is the account balance?
400
A decrease in owner's equity resulting from the operation of a business.
What is an expense?
400
An account that reduces a related account on a financial statement.
What is a contra account?
400
In a journal you write the date in this column.
What is the date column?
500
The principles of right and wrong that guide an individual in making decisions.
What is ethics?
500
A financial statement that reports assets, liabilities, and owner's equity on a specific date.
What is balance sheet?
500
Assets taken out of a business for the owner's personal use.
What is withdrawals?
500
Each transaction changes the balances of at least this many accounts.
What is two?
500
These signs are not used when writing amounts on ruled accounting paper.
What are dollars and cents?