Accounting exam review

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Journal

A(n) _________________ is often called a book of original entry.

Going concern

Following the ________ accounting assumption, the accountant prepares reports as through the business will operate indefinitely.

Permanent

the dollar balance of a(n) ___________account is carried from the period to the next.

Accounts Receivable

the total amount of money to be received in the future for goods and services sold on credit is the________.

Revenue Recognition

when a business follows the GAAP of_______________, revenue is recorded on the date it is earned

Profit

A business is operating at a(n)_______ if it earns more money than it earns.

Manufacturing business

A business that produces items to sell to individuals and other businesses is known as a(n)___________.

Partnership

A business that two or more people agree to own together is a(n) ______.

sole proprietorship

A business with a single owner is a(n) __________.

Career

A(n) _____is work that is built on a foundation or interest, knowledge, training, and experience.

Source Document

A(n)____________ is an type of business paper that verifies that a transaction occurred.

Normal Balance

an account's ____________is always on the increase side of an account.

Asset

Any property or item of value owned by a business is a(n) ______________.

Accounting equation

"Assets=Liabilities=Owner's Equity" is called the __________.

Skills

A person´s ______ are his or her abilities, such as the ability to think creatively or ot make decisions.

Public Accounting

A(n) ______ firm provides accounting services to clients such as individuals or businesses.

Entrepreneur

A(n) ______ is an individual who transform ideas for products or services into real-world business.

For-profit business

A(n) ______ operates to earn money for its owners.

Not-for-profit organization

A(n) ______ operates to support a cause o ran interest.

Merchandising business

A(n) ________ buys finished goods and sells them to individuals or other business

Corporation

A(n) ________ is a business organization that must get permission from the state to operate.

T account

A(n) _______________ is a tool used to analyze a business transaction's effect on an account.

Fiscal year

A(n) ________________ is an accounting period of twelve months ending on the last day of any month except December.

Calendar year

A(n) _____________________accounting period begins on January 1 and ends on December 31.

Withdrawal

A(n) _______________occurs when the owner takes assets out of the business for personal use.

debit

Amount entered on the left side of an account is the ________________.

Credit

An amount entered on the right side of an account is a(n)________________.

Business transaction

An economic event that causes a change in assets, liabilities, or owner's equity is called a(n)__________.

Journalizing

Another term used for "recording" a business transaction is ________________.

Property

Anything of value that is owned or controlled by an individual or a business is called___________.

loss

If a business spends more money to operate than it earns from the sale of goods or services, it is operating at a(n)____________.

free enterprise system

In a(n)________, people are free to produce the goods and services they choose.

Revenue

Income earned from the sale of goods and services is called_____________.

Revenue

Money a business earns from the sale of goods or services is the ____________.

General Journal

The ______________ is an all-purpose journal used for recording business transactions.

Chart of accounts

The _____________is an "official list of all the accounts used by a business to record its transactions.

Accounting period

The ________is the period of time covered by an accounting report.

Accounting system

The ______is designed to collect, document, and report on the financial transactions affecting the business.

Temporary recognition

The balance of a(n) ____________ account does not carry forward to the next account period.

Expenses

The cost of doing business are known as___________.

Liabilities

The debts of a business are called its __________________.

Capital

The owner's investment in the business is represented by the ________account.

Values

The principles you live by and the beliefs that are important to you are your ________.

Networking

The sharing of information and advice is called ________.

Accounting cycle

The various activities a business completes to organize its accounting records in an orderly fashion is called the __________.

Business entity

Under the ________accounting assumption, a business owner must keep the financial records for the business separate from personal records.

Withdrawal

When an owner takes cash or other assets out of a business for personal use, the transaction is called ______________.

Personality

Your ______ is the set of unique qualities thats makes you different from all other people.

Financial reports

____Summarize information about the financial status of a business.

Personal interest test

_____ can help you identify preferences that will have an impact on your career choice.

Lifestyle

_____ refers to the way a person uses his or her time, energy, and resources.

Accounts payable

_______________is the amount of money owed to a business's creditors.

double-entry accounting

____________requires a debit and a credit for each transaction.

expenses

__________are the prices paid for goods or services used to operate a business.

GAAP

_______are the rules accountants follow when recording and reporting accounting information

Charter

_______is the legal document giving a business the right to operate as a corporation

Financial accounting

______is concerned with preparing reports for external users suchs investors or creditors.

Capital

______is the money invested in a business by its owner(s) or the money provided by banks or investors

Management accounting

_____is concerned with preparing information for internal users.

Service business

a business that provides a needed service for a fee is called a(n)_________.


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