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Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
100
The planning, recording, analyzing, and interpreting of financial information.
What is accounting?
100
A business that performs an activity for a fee.
What is a service business?
100
A decrease in owner's equity resulting from the operation of a business.
What is expense?
100
A accounting device used to analyze transactions.
What is a T account?
100
Recording transactions in a journal.
What is journalizing?
200
Someone who plans, summarizes, analyzes, and interprets accounting information.
Who is an accountant?
200
A business owned by one person.
What is proprietorship?
200
Assets taken out of a business for the owner's personal use.
What are withdrawals?
200
A list of accounts used by a business.
What is a chart of accounts?
200
A journal amount column headed with an account title.
What is a special amount column?
300
An accountant who is employed by a single business.
Who is a private accountant?
300
Anything of value that is owned.
What is asset?
300
The total of cash, supplies, and prepaid insurance assets.
What is the total assets?
300
An account that reduces a related account on a financial statement.
What is contra account?
300
A business paper from which information is obtained for a journal entry.
What is a source document?
400
A person who does general accounting work plus some summarizing and analyzing of accounting information.
Who is a bookkeeper?
400
An equation that shows the relationship among assets, liabilities, and owner's equity.
What is the accounting equation?
400
The total of all liabilities and owner's equity.
What is the total liability and owner's equity?
400
The balance side that is based on the location of the account in the accounting equation.
What is the normal balance?
400
A business form ordering a bank to pay cash from a bank account.
What is a check?
500
A person who records, sorts, and files accounting information.
Who is an accounting clerk.
500
The account used to summarize the owner's equity in business.
What is capital?
500
The type of transaction that decreases owner's equity.
What is an expense?
500
An amount recorded on the left side of a T account.
What is the debit?
500
A form on which a brief message is written describing a transaction.
What is memorandum?