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Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
100
Planning, recording, analyzing, and interpreting financial information.
What is Accounting?
100
A business that performs an activity for a fee.
What is a service business?
100
An increase in owner’s equity resulting from the operation of a business.
What is revenue?
100
An amount recorded on the left side of a T account.
What is a debit?
100
A form for recording transactions in chronological order.
What is a journal?
200
A person who plans, summarizes, analyzes, and interprets accounting information.
What is an Accountant?
200
A business owned by one person.
What is a proprietorship?
200
A decrease in owner’s equity resulting from the operation of a business.
What is an expense?
200
An amount recorded on the right side of a T account.
What is a credit?
200
A business form ordering a bank to pay cash from a bank account.
What is a check?
300
A person who does general accounting work plus some summarizing and analyzing of accounting information.
What is a bookkeeper?
300
Anything of value that is owned.
What is an asset?
300
Assets taken out of a business for the owner’s personal use.
What is a withdrawal?
300
An accounting device used to analyze transactions.
What is a T account?
300
A business form giving written acknowledgement for cash received.
What is a receipt?
400
A person who records, sorts, and files accounting information.
What is an accounting clerk?
400
Financial rights to the assets of a business.
What are equities?
400
Two accounts affected when cash is paid for supplies.
What are cash and supplies?
400
Any amount received.
What is a debit?
400
A form on which a brief message is written describing a transaction.
What is a memorandum?
500
A business selling accounting services to the general public.
What is a public accounting firm?
500
A business activity that changes assets, liabilities, or owner’s equity.
What is a transaction?
500
Rent is this kind of transaction.
What is an expense?
500
Any amount paid.
What is a credit?
500
A business paper from which information is obtained for a journal entry.
What is a source document?