A, L & OE
It is the paper record of a transaction in a business.
What is a source document?
What type of accounts is Asset, Liability, Owners Capital
What is permanent accounts?
When a business buys a computer with cash, its cash ______, but its computer equipment ________
What decreases and increases?
The formula for the accounting equation.
What are Assets=Owner's Equity+Liabilities?
The accounting period of a business is separated into activities.
What is the accounting cycle?
What type of accounts are revenue, expenses, owner's withdrawals
What is temporary accounts?
In addition to an owner, these people also have claims against a company's assets.
Who are creditors?
The account where money is being owed to another company or business
What is Accounts Payable?
The way in which transactions are recorded in a journal.
What is chronologically?
When you buy something and agree to pay for it later
What is Credit?
If a business closes, the claims of these individuals are settled first.
Who are creditors?
This is the difference between total assets and total liabilities.
What is Owner's Equity?
The source document issued to receive cash.
What is a receipt?
Property or items of value owned by a business
What is assets?
This system says that for every debit there must a corresponding credit.
What is a double-entry accounting?
The term used to define money that is owing to the business.
What is accounts receivable?
It is the third step in the accounting cycle.
Journalize each transaction is which step?
Is a list of all accounts used by a business.
What is chart of accounts?
Income earned from the sale of goods or services is called?
What is revenue?