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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
A business that performs an activity for a fee.
What is a service business?
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 form for recording transactions in chronological order.
What is a journal?
200
A planned process for providing financial information that will be useful to management.
What is an accounting system?
200
A business owned by one person.
What is a proprietorship?
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 debit?
200
A journal amount column headed with an account title.
What is a specializing amount column?
300
Organized summaries of a business’ financial activities.
What are accounting records?
300
Anything of value that is owned.
What is an asset?
300
Assets taken out of a business for the owner’s personal use.
What are withdrawals?
300
An amount recorded on the right side of a T account.
What is credit?
300
A journal amount column that is not headed with an account title.
What is What is a general account column?
400
A person who plans, summarizes, analyzes, and interprets accounting information.
What is an accountant?
400
Financial rights to the assets of a business.
What are equities?
400
Asset that is normally withdrawn by an owner for personal use.
What is cash?
400
A list of accounts used by businesses.
What is a chart of accounts?
400
Information for each transaction recorded in a journal.
What is an entry?
500
A business selling accounting services to the general public.
What is a public accounting firm?
500
An amount owned by a business.
What is a liability?
500
Transaction that decreases owner’s equity.
What is a payment for an expense?
500
An account that reduces a related account on a financial statement.
What is a contra account?
500
A business paper from which information is obtained for a journal entry.
What is a source document?