Accounting I Chapters 1-8 Vocabulary Review - PowerPoint PPT Presentation

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Accounting I Chapters 1-8 Vocabulary Review

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Title: 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!
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