| A | B |
|---|
| Accounting | Planning, recording, analyzing and interpreting financial information |
| Accounting System | A planned process for providing financial information that will be useful to management |
| Accounting Records | Organized summaries of a business's financial activities |
| Financial Statements | Financial reports that summarize the financial condition and operations of a business |
| Service Business | A business that performs an activity for a fee |
| Proprietorship | a business owned by one person |
| Asset | Anything of value that is owned |
| Equities | Financial rights to the assets of a business |
| Liability | an amount owed by a business |
| Owner's Equity | The amount remaining after the value of all liabilities are subtracted from the value of all assests |
| Accounting Equation | An equation showing the relationship among assets, liabilities, and owner's equity |
| Ethics | The principles of right and wrong that guide an individual in making decisions |
| Business Ethics | The use of ethics in making business decisions |
| T Account | an accounting device used to analyze transactions |
| Debit | An amount recorded on the left side of a T account |
| Credit | An amount recorded on the right side of a T account |
| Normal Balance | The side of the T account that is increased |
| Chart of Accounts | A list of accounts used by a business |
| Capital | The account used to summarize the owner's equity in a business |
| Asset | Anything of value that is owned |
| Account Balance | The amount in an account |
| Business Ethics | The use of ethics in making business decisions |
| Owner's Equity | The amount remaining after the value of all liabilities are subtracted from the value of all assests |
| Proprietorship | a business owned by one person |
| Account | A record summarizing all the information pertaining to a single item in the accounting equation |
| Service Business | A business that performs an activity for a fee |
| Accounting Equation | An equation showing the relationship among assets, liabilities, and owner's equity |
| Liability | an amount owed by a business |
| Account Title | The name given to an account |
| Ethics | The principles of right and wrong that guide an individual in making decisions |
| Equities | Financial rights to the assets of a business |
| Accounting | Planning, recording, analyzing and interpreting financial information |
| Financial Statements | Financial reports that summarize the financial condition and operations of a business |
| Transaction | A business activity that changes assets, liabilities, or owner's equity |
| Accounting System | A planned process for providing financial information that will be useful to management |
| Accounting Records | Organized summaries of a business's financial activities |
| T Account | an accounting device used to analyze transactions |
| Debit | An amount recorded on the left side of a T account |
| Credit | An amount recorded on the right side of a T account |
| Normal Balance | The side of the T account that is increased |
| Chart of Accounts | A list of accounts used by a business |
| Journal | A form for recording transactions in chronological order |
| Journalizing | Recording transactions in a journa |
| Special Amount Column | A journal amount column headed with an account title |
| General Amount Column | A journal amount column that is not headed with an account title |
| Entry | Information for each transaction recorded in a journal |
| Double-Entry Accounting | The recording of debit and credit parts of a transaction |
| Source Document | A business paper from which information is obtained for a journal entry |
| Check | A business form ordering a bank to pay cash from a bank account |
| Invoice | A form describing the goods or services sold, the quantity, and the price |
| Sales Invoice | An invoice used as a source document for recording a sale on account |
| Receipt | A business form giving written acknowledgement for cash received |
| Memorandom | A form on which a brief message is written describing a transaction |
| Proving Cash | Determining that the amount of cash agrees with the accounting records |
| Account Number | the number assigned to an account |
| Correcting Entry | an additional journal entry, used to correct an incorrect journal entry |
| file maintenance | the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current |
| general ledger | a ledger that contains all accounts needed to prepare financial statements |
| ledger | a group of accounts |
| opening an account | writing an account title and number on the heading of an account |
| posting | transferring information from a journal entry to a ledger account |
