| A | B |
|---|
| accountant | person who plans, summarizes, and analyzes accounting information |
| public accouning firm | business selling accounting services to the general public |
| private accountant | accountant who is employed by a single business |
| bookeeper | person who does general accounting work plus some summarizing and analyzing of accounting info |
| accounting clerk | person who records, sorts, and files accounting info |
| business ethics | use of personal ethics in making business decisions. |
| revenue | increase in owner's equity resulting from the operation of a business |
| expense | decrease in owner's equity resulting from the operation of a business |
| debit | amount recorded on the left side of an account |
| credit | amount recorded on the right side of an account |
| journal | form for recording transactions in chronoligical order |
| check | business form ordering a bank to pay cash from a bank account |
| proving cash | determining that the amount of cash agrees with the accounting records |
| merchandise | goods that a merchandising business purchases to sell |
| markup | the amount added to the cost of merchandise to establish the selling price |
| vendor | a business from which merchandise is purchased or supplies or other assets are bought |
| purchase on account | transaction in which the merchandise purchased is to be paid for later |
| invoice | a form describing the goods sold, the quantity, and the price |
| correcting entry | a journal entry made to correct an error in the ledger |
| contra account | an account that reduces a related account on a financial statement |
| memorandum | a form on which a brief message is written describing a transaction |
| opening an account | writing an account title and number on the heading of an account |
| posting | transferring info from a journal entry to a ledger account |
| bank statement | a report of deposits, withdrawals, and bank balance sent to the depositor by a bank |
| blank endorsement | an endorsement consisting only of the endorser's signature |
| endorsement | a signature or stamp on the back of a check transferring ownership |
| postdated check | a check with a future date on it |
| petty cash | an amount of cash kept on hand and used for making small payments |
| restrictive endorsement | an endorsement restricting further transfer of a check's ownership |
| special endorsement | an endorsement indicating a new owner of a check |
| adjustments | changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period |
| fiscal period | the length of time for which a business summarizes and reports financial info |
| income statement | a financial statement showing the revenue and expenses for a fiscal period |
