ch1
planning recording analyzing and interpreting financial information
acounting
business that delivers a service and not a product
service business
increase of owner's equity from operation of business
revenue
accounting device used to analyze transactions
t account
form of recording transactions in chronological order
journal
organised summaries of a business's financial activities
accounting records
a financial statement that reports assets,liabilities,and owner's equity
balance sheet
decrease in owner's equity resulting from operating a business
expense
amount recorded on the left side of the account
debit
recording on a journal
journalizing
a person who plans summarizes analyzes and interprets accounting information
accountant
the account used to summarize the owner's equity in business
capital
assets taken from a businesses assets for owners personal use
withdrawals
account recorded on the right side of the account
credit
a journal amount column headed with an account title
special amount column
a business selling accounting services to the general public
public accounting firm
the amount in an account
account balance
What accounts are affected, and how, when cash is received from sales
cash increase ,owner's eq increases
list of accounts used by a business
chart of accounts
a form on which a brief message us written describing a transaction
memorandum
a person who dose general accounting work plus some summarizing and analyzing of accounting information
bookkeeper
a record summarizing all the information pertaining to a single item in the accounting equation
account
What are four expense transactions other than rent and utilities
wages, repairs, electricity , vehicle maintenance
an account that reduces a related account on a financial statement |
contra account
determining that the amount of cash agrees with the accounting records
proving cash