Accounting 1 vocab
A record summarizing all the information pertaining to a single item in the accounting equation is called a(an)...
Account
Anything of value that is owned is called a(an)...
Asset
A financial statement that reports assets, liabilities, and owner's equity on a specific date is called
Balance Sheet
A list of account used by a business is called a...
Chart of accounts
A business form ordering a bank to pay cash from a bank account is called a...
Check
An amount recorded on the right side is called a...
Credit
An amount recorded on the left side is called a...
Debit
An decrease in owner's equity resulting from the operation of a business is called an...
Expense
A journal with two amount column in which all kinds of entries can be recorded is called a...
General journal
A ledger that contains all accounts needed to prepare financial statements is called a...
General ledger
A financial statement showing the revenue and expenses for a fiscal period is called an...
Income statement
The difference between total revenue and total expenses when total revenue is greater is called a...
Net income
The difference between total revenue and total expenses when total expenses is greater is called a...
Net loss
Transferring information from a journal entry to a ledger account is called...
Posting
A sale for which cash will be received at a later date is called...
Sale on account
A proof of the equality of debits and credits in a general ledger is called a...
Trial balance
A business from which merchandise is purchased or supplies or other assets are bought is called a...
Vendor
Assets taken out of a business for the owner's personal use are called...
Withdrawals
A columnar accounting form used to summarize the general ledger information needed to prepare financial statements is called a...
Work sheet
The financial rights to the assets of a business is called...
equities
The amount in an account is called a(an)...
Account Balance
A number assigned to an account is called an...
Account number
The name given to an account is called a(an)...
Account title
Planning, recording, analyzing, and interpreting financial information is called a(an)...
Accounting
An equation showing the relationship among assets, liabilities, and owner's equity is called the...
Accounting equation
Organized summaries of a business's financial activities are called...
Accounting records
A planned process for providing financial information that will be useful to management is called a(an)...
Accounting system
Journal entries recorded to update general ledger accounts at the end of a fiscal period are called...
Adjusting entries
Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period are called...
Adjustments
The account used to summarize the owner's equity in a business is called...
Capital
A sale in which a cash is received for the total amount of the sale at the time of the transaction is called a...
Cash sale
A form describing the goods or services sold, the quantity, and the price is called an...
Invoice
A form for recording transactions in chronological order is called a...
Journal
Recording a transaction in a journal is called...
Journalizing
A group of accounts is called a...
Ledger
An amount owed by a business is called a(an)...
Liability
A form on which a brief message is written describing a transaction is called a...
Memorandum
The side of the account that is increased is called the...
Normal balance
The amount remaining after the value of all liabilities is subtracted from the value of all assets is called...
Owner's equity
A business form giving written acknowledgment for case received is called a...
Receipt
An increase in owner's equity resulting from the operation of a business is called...
Revenue
An invoice used as a source document for recording a sale on account is called a...
Sales invoice
A business paper from which information is obtained for a journal entry is called a...
Source document
A business activity that changes assets, liabilities, or owner's equity is called a...
Transaction