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100
The process of planning, recording, analyzing, and interpreting financial information.
What is accounting?
100
An amount owed.
What is liability?
100
A person or business to whom a liability is owed.
What is creditor?
100
A form on which a brief message is written to describe a transaction.
What is memorandum
100
A formal report that shows what an individual owns, what an individual owes, and the difference between the two.
What is net worth statement?
200
A business owned by one person.
What is proprietorship?
200
Anything of value that is owned.
What is asset?
200
Amounts to be received in the future due to the sale of goods or services.
What is accounts receivable?
200
A group of accounts.
What is ledger?
200
Generally accepted accounting principles. The standards and rules that accountants follow while recording and reporting financial activities.
What is GAAP?
300
An amount recorded on the right side of an account.
What is credit?
300
An equation showing the relationship among assets, liabilities, and owner’s equity.
What is accounting equation?
300
Amounts to be paid in the future for goods or services already acquired.
What is accounts payable?
300
A ledger that contains all accounts needed to prepare financial statements.
What is general ledger?
300
A planned process designed to compile financial data and summarize the results in accounting records and reports.
What is accounting system?
400
An amount recorded on the left side of an account.
What is debit?
400
The principles of right and wrong that guide an individual in making decisions.
What is ethics?
400
A business paper from which information is obtained for a journal entry.
What is source document?
400
Transferring information from a journal entry to a ledger account.
What is posting?
400
Any business activity that changes assets, liabilities, or owner’s equity.
What is transaction?
500
An accounting device used to analyze transactions.
What is T account?
500
The use of ethics in making business decisions.
What is business ethics?
500
The recording of debit and credit parts of a transaction.
What is double-entry accounting?
500
A form describing the goods or services sold, the quantity, the price, and the terms of sale.
What is invoice?
500
The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current.
What is file management?