Show:
The world of Business and Accounting
Business Transactions and Accounting Equations
Liabilities and Owners Equity
Revenue, Expense, and Withdrawals
General Journal
100
the amount of money earned over and above the amount spent to keep the business running
What is profit
100
assets = liabilities + owners equity
What is accounting equation
100
a list of all the accounts and their assigned account number
What is a chart of accounts?
100
revenue, expenses, and withdrawals accounts are used to collect information for a single accounting period
What is temporary capital accounts?
100
contains data of the transaction along with the quantity, description, and cost of each item
What is invoice?
200
transforms ideas for products or service into real world business
What is an entrepreneur
200
is an economical event that causes a change in assets, liabilities, or owners equity
What is business transaction
200
it is on the left side of the T account
Where is debit on the T account?
200
they are continuous from one accounting period to the next
What are permanent accounts?
200
the process of recording business transactions
What is journalizing?
300
gives a corporation certain rights and privileges
What is a charter
300
on one of the account you will receive money money and for the other you will lose money
What is the difference between accounts receivable and accounts payable
300
is a tool for analyzing the debit and credit parts of a business transaction
What is T account?
300
revenue should be recognized on the date earned even if cash had not been received
What is revenue recognition?
300
is an accounting period of 12 months
What is fiscal year?
400
something that focuses on reporting information to external users
What is financial accounting
400
when an owner takes cash or other assets from the business for personal use
What is a withdrawal
400
is a system of recordkeeping in which each business transaction affects at least two accounts.
What is Double entry accounting
400
an all purpose journal inwhich all transactions of a business may be recorded
What is general journal?
500
is designed to collect, document, and report on financial transactions affecting the business
What is accounting system
500
when u buy property with cash you acquire all of the financial claims
what is the relationship between property and financial claims?
500
the place accounts are grouped is called
What is a ledger
500
when a business transaction occurs a paper is prepared as evidence of that transaction
What is source document?