Accounting Matching (Section 2)
Calendar Year
a(n) ______ is an accounting period that begins January 1 and ends on December 31
Accounting Cycle
The full range of accounting activites a business must complete to keep its accounting records in an orderly fashion is the _____
Expenses
_____ are the prices paid for goods or services used to operate the business
Double-Entry Accounting
a financial record keeping system in which each business transaction affects at least two accounts is called _____
Chart Of Accounts
a(n) _____ is a list of all the accounts used by a business when journalizing its transactions
Account
a(n) _____ is a record showing the increases or decreases, as well as the balance, of a specific asset, liability, or equity
Credit
a(n) _____ is an amount entered on the right side of the T account
Business Transaction
an economic event that causes a change in the assets, liabilities, or owner's equity of a business is called a(n) ____
Correcting Entity
an error discovered after posting has taken place requires a(n) _____
Capital
any investment in a business by an owner is represented by the _____
Balance Sheet
the _____ is a financial statement that reports the financial balances in all the asset, liability, and owner's equity accounts at the end of the fiscal period
Accounting Equation
the _____ states that the asses of the business equal the liabilities plus the owner's equity
Debit
the amount entered on the left side of the T account is the _____
Creditor
the business or person selling you property on credit is called a(n) _____
Financial Claims
the legal rights to property that is owned are called _____
Accounts Payable
the total amount of money owed to a business's creditors is called _____
Accounts Recievable
the total amount of money to be received in the future for goods or services sold on credit is called _____
Equity
the total financial claims to the assets of a business are referred to as _____
Assets
things of value owned by a business are called _____