Show:
Accounting 101
A, L & OE
Accounting Cycle
Vocabulary
Miscellaneous
100

Anything that is owed.

What are Liabilities

100

The name given to an account.

What is an account title?  

100

Amounts to be received in the future due to the sale of goods or services.

What is accounts receivable.  

100

A form for recording transactions in chronological order.

What is a journal?

100
When a business buys a computer with cash, its cash ______, but its computer equipment ________
What decreases and increases?
200

GAAP

What is to Generally Accepted Accounting Principles.

200

How the accounting equation is stated.  

What is Assets=Owner's Equity+Liabilities?

200
The business or person selling the item on credit, can be any person/business you owe money to
Who is a creditor?
200

Recording transactions in a journal.

What is journalizing?

200

A business form giving written acknowledgement for cash received.

What is a receipt?

300

A business owned by one person.

What is a sole proprietorship?

300

This account title refers to money owed by a company

What is Accounts Payable?

300
Identify the accounts affected Classify the account affected Determine the amount of increase or decrease for each account affected Make sure the accounting equation remains in balance
What is analyze a business transaction?
300
When you buy something and agree to pay for it later
What is Credit?
300

A business paper from which information is obtained for a journal entry.

What is a source document?

400

A business that performs an activity for a fee.

What is a service business?

400
This is the difference between total assets and total liabilities.
What is Owner's Equity?
400
Decreases both assets and owner’s equity
What is a withdrawal?
400
Property or items of value owned by a business
What is assets?
400

Every transaction has a debit and a credit.

What is a double-entry accounting?

500

Financial rights to the assets of a business

What is equity

500

The term used to explain how quickly a company can convert assets into cash.

What is liquidity?

500

An amount recorded on the left side of an account.

What is a debit?

500
Is a list of all accounts used by a business.
What is chart of accounts?
500
Income earned from the sale of goods or services is called?
What is revenue?