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Accounting II Chapter 2

assetAnything ow value that is owned.
liabilityAn amount owed by a business.
equitiesFinancial rights to the assets of a business.
owner's equityThe amount remaining after the value of all liabilities is subtracted from the value of all assets.
accounting equationAn equation showing the relationship among assets, liabilities, and owner's equity.
source documentA business papar from which information is obtained for a journal entry.
journalA form for recording transactions in chronological order.
special journalA journal used to record only one kind of transaction.
double-entry accountingThe recording of debit and credit parts of a transaction.
accountA record summarizing all the information pertaining to a single item in the accounting equation.
ledgerA group of accounts.
general ledgerA ledger that contains all accounts needed to prepare financial statements.
subsidiary ledgerA ledger that is summarized in a single general ledger account.
controlling accountAn account in a general ledger that summarizes all accounts in a subsidiary ledger
file maintenanceThe procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current.
departmental accounting systemAn accounting asystem showing accounting information for two or more departments
merchandising businessA business that purchases and sells goods.
postingTrnasferring information from a journal entry to a ledger account.
debit memorandumA form prepared by the customer showing the price deduction taken by a customer for returns and allowances.
contra accountAn account that reduces a related account on a financial statement.
contra balanceAn account balance that is opposite the normal balance
cash discountA deduction that a vendor allows on an invoice amount to encourage prompt payment.
purchases discountA cash discount on purchases taken by a customer
petty cashAn amount of cash kept on hand and used for making small payments.
bank statementA report of deposits, withdrawals, and bank balance sent to a depositor by a bank.

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