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

These are the steps involved in accounting cycle

What are 1) identifying transactions, 2) recording transactions in a journal, 3) posting the transactions, 4) preparing the adjusting entries, 5) adjusted trial balance, 6) preparing a financial statement, and 7) closing the books. 

100
These are items owned that have monetary value
What are assets?
100

It is anything of value that a person or business owns and therefore controls

What is Ownership / Property?

100

What is Asset, Liability, Owners Capital

What is Accounting Elements?

100
When a business buys a computer with cash, its cash ______, but its computer equipment ________
What decreases and increases?
200
This is the purpose of accounting
What is to 1)identify, 2)record and 3)communicate financial information?
200

The fundamental accounting equation is stated as ______________.

What is Assets=Liabilities+Owner's Equity?

200
The business or person selling the item on credit, can be any person/business you owe money to
Who is a creditor?
200
What is revenue, expenses, owner's withdrawals
What is temporary accounts?
200
In addition to an owner, these people also have claims against a company's assets.
Who are creditors?
300
These represent the types of business organizations that use accounting.
What are 1)sole proprietorships, 2)partnerships and 3)corporations?
300

This refers to money owed by a company

What is Accounts Payable?

300

An economic event that initiates the accounting process of recording it in a company's journal.

What is analyze a business transaction?

300
When you buy something and agree to pay for it later
What is Credit?
300
If a business closes, the claims of these individuals are settled first.
Who are creditors?
400

These are 3 types of businesses according to activities.

What are Merchandise Business, Manufacturing Business and Service Business?

400
This is the difference between total assets and total liabilities.
What is Owner's Equity?
400

An account that decreases both assets and owner’s equity

What is a withdrawal / drawing?

400
Property or items of value owned by a business
What is assets?
400
This system is used to analyze and record a transaction
What is a double-entry accounting?
500
This involves testing business records and procedures for accuracy.
What is auditing?
500

A type of company obligation that is supported by a promissory note.

What is Notes Payble?

500
It is a legal right to property
What is a financial claim?
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?