Accounting I Chapters 1-8 Vocabulary Review

1
Accounting IChapters 1-8Vocabulary Review
2

• The amount in an account.

3

• business ethics
• account balance
• debit

4

• A record summarizing all the information
  pertaining to a single item in the accounting
  equation.

5

• expense
• account
• receipt

6

• The name given to an account.

7

• chart of accounts
• liability
• account title

8

• Planning, recording, analyzing, and interpreting
  financial information.

9

• double-entry accounting
• memorandum
• accounting

10

• An equation showing the relationship among
  assets, liabilities, and owners equity.

11

• accounting equation
• normal balance
• chart of accounts

12

• Organized summaries of a businesss financial
  activities.

13

• transaction
• accounting records
• financial statements

14

• A planned process for providing financial
  information that will be useful to management.

15

• accounting system
• invoice
• memorandum

16

• The account used to summarize the owners equity
  in a business.

17

• capital
• asset
• T account

18

• Anything of value that is owned.

19

• liability
• asset
• owners equity

20

• A decrease in owners equity resulting from the
  operation of a business.

21

• expense
• withdrawals
• owners equity

22

• The use of ethics in making business decisions.

23

• business ethics
• normal balance
• journalizing

24

• Financial rights to the assets of a business.

25

• sales invoice
• sale on account
• equities

26

• Financial reports that summarize the financial
  condition and operations of a business.

27

• receipt
• financial statements
• journalizing

28

• An amount owed by a business.

29

• debit
• liability
• invoice

30

• The amount remaining after the value of all
  liabilities is subtracted from the value of all
  assets.

31

• special amount column
• normal balance
• credit balance

32

• A business that performs an activity for a fee.

33

• credit
• service business
• Non-profit organization

34

• A business owned by one person.

35

• proprietorship
• T account
• cooperation

36

• An increase in owners equity resulting from the
  operation of a business.

37

• journalizing
• revenue
• ethics

38

• A sale for which cash will be received at a later
  date.

39

• sale on account
• expense
• proving cash

40

• A business activity that changes assets,
  liabilities, or owners equity.

41

• withdrawals
• double-entry accounting
• transaction

42

• Assets taken out of a business for the owners
  personal use.

43

• financial statements
• withdrawals
• deposits

44

• The principles of right and wrong that guide an
  individual in making decisions.

45

• financial statements
• general amount column
• ethics

46

• The side of the account that is increased.

47

• normal balance
• credit balance
• debit balance

48

• A list of accounts used by a business.

49

• chart of accounts
• debit
• sales invoice

50

• An amount recorded on the right side of a T
  account.

51

• debit
• deposit
• credit

52

• An amount recorded on the left side of a T
  account.

53

• credit
• debit
• account balance

54

• An accounting device used to analyze transactions.

55

• special amount column
• T account
• source document

56

• A business form ordering a bank to pay cash from
  a bank account.

57

• deposit slip
• memo
• check

58

• Determining that the amount of cash agrees with
  the accounting records.

59

• proprietorship
• proving cash
• credit

60

• A journal amount column that is not headed with
  an account title.

61

• chart of accounts
• general amount column
• special amount column

62

• The recording of debit and credit parts of a
  transaction.

63

• double-entry accounting
• proving cash
• accounting

64

• A form for recording transactions in
  chronological order.

65

• checkbook
• source document
• journal

66

• Recording transactions in a journal.

67

• correcting
• journalizing
• double-entry accounting

68

• A form on which a brief message is written
  describing a transaction.

69

• memorandum
• invoice
• sales invoice

70

• A journal amount column headed with an account
  title.

71

• T-account
• normal balance
• special amount column

72

• A business form giving written acknowledgement
  for cash received.

73

• normal balance
• check
• receipt

74

• A business paper from which information is
  obtained for a journal entry.

75

• transaction
• source document
• memo

76

• The number assigned to an account.

77

• chart of accounts
• account number
• check number

78

• An additional journal entry, used to correct an
  incorrect journal entry.

79

• transaction
• general journal entry
• correcting entry

80

• A ledger that contains all accounts needed to
  prepare financial statements.

81

• general ledger
• general journal
• work sheet

82

• Transferring information from a journal entry to
  a ledger account.

83

• adjusting an entry
• posting
• proving cash

84

• A report of deposits, withdrawals, and bank
  balances sent to a depositor by a bank.

85

• bank statement
• deposit slip
• check

86

• An endorsement consisting only of the endorsers
  signature.

87

• full endorsement
• blank endorsement
• special endorsement

88

• A bank card that automatically deducts the amount
  of a purchase from the checking account of the
  cardholder.

89

• debit card
• birthday card
• gift card

90

• A check that a bank refuses to pay.

91

• dishonored check
• certified check
• paycheck

92

• An amount of cash kept on hand and used for
  making small payments.

93

• checking account balance
• petty cash
• piggy bank cash

94

• A check with a future date on it.

95

• postdated check
• dishonored check
• blank check

96

• Changes recorded on a work sheet to update
  general ledger accounts at the end of a fiscal
  period.

97

• adjustments
• transactions
• closing entries

98

• A financial statement that reports assets,
  liabilities, and owners equity on a specific
  date.

99

• worksheet
• balance sheet
• income statement

100

• The length of time for which a business
  summarizes and reports financial information.

101

• born on date
• accounting period
• fiscal period

102

• A financial statement showing the revenue and
  expenses for a fiscal period.

103

• post-closing trial balance
• general ledger
• income statement

104

• The difference between total revenue and total
  expenses when total revenue is greater.

105

• net loss
• net income
• neither

106

• The difference between total revenue and total
  expenses when total expenses are greater.

107

• net income
• net loss
• neither

108

• A proof of the equality of debits and credits in
  a general ledger.

109

• trial balance
• worksheet
• post-closing trial balance

110

• A columnar accounting form used to summarize the
  general ledger information needed to prepare
  financial statements.

111

• general journal
• general ledger
• worksheet

112

• Any persons or groups who will be affected by an
  action.

113

• CPAs
• stakeholders
• steakholders

114

• The series of accounting activities included in
  recording financial information for a fiscal
  period.

115

• fiscal period
• accounting cycle
• post-closing cycle

116

• Journal entries recorded to update general ledger
  accounts at the end of a fiscal period.

117

• closing entries
• adjusting entries
• journal entries

118

• Journal entries used to prepare temporary
  accounts for a new fiscal period.

119

• closing entries
• transactions
• journal entries

120

• Accounts used to accumulate information from one
  fiscal period to the next.

121

• permanent accounts
• temporary accounts
• neither

122

• Accounts used to accumulate information until it
  is transferred to the owners capital account.

123

• closing entries
• temporary accounts
• permanent accounts

124
CORRECT!!!!
125
SORRY!!WRONG!