Accounting I Chapters 1-5 Vocabulary Review

The amount in an account.

 business ethics business ethics  account balance account balance  debit debit Please click on the arrow to advance to the next slide…

A record summarizing all the information pertaining to a single item in the accounting equation. Please click on the arrow to advance to the next slide…

 expense expense  account account  receipt receipt Please click on the arrow to advance to the next slide…

The name given to an account. Please click on the arrow to advance to the next slide…

 chart of accounts chart of accounts  liability liability  account title account title Please click on the arrow to advance to the next slide…

Planning, recording, analyzing, and interpreting financial information. Please click on the arrow to advance to the next slide…

 double-entry accounting double-entry accounting  memorandum memorandum  accounting accounting Please click on the arrow to advance to the next slide…

An equation showing the relationship among assets, liabilities, and owner’s equity. Please click on the arrow to advance to the next slide…

 accounting equation accounting equation  normal balancenormal balance  chart of accounts chart of accounts Please click on the arrow to advance to the next slide…

Organized summaries of a business’s financial activities. Please click on the arrow to advance to the next slide…

 transaction transaction  accounting records accounting records  financial statements financial statements Please click on the arrow to advance to the next slide…

A planned process for providing financial information that will be useful to management. Please click on the arrow to advance to the next slide…

 accounting system accounting system  invoice invoice  memorandum memorandum Please click on the arrow to advance to the next slide…

The account used to summarize the owner’s equity in a business. Please click on the arrow to advance to the next slide…

 capital capital  asset asset  T account T account Please click on the arrow to advance to the next slide…

Anything of value that is owned. Please click on the arrow to advance to the next slide…

 liability liability  asset asset  owner’s equity owner’s equity Please click on the arrow to advance to the next slide…

A decrease in owner’s equity resulting from the operation of a business. Please click on the arrow to advance to the next slide…

 expense expense  withdrawals withdrawals  owner’s equity owner’s equity Please click on the arrow to advance to the next slide…

The use of ethics in making business decisions. Please click on the arrow to advance to the next slide…

 business ethics business ethics  normal balance normal balance  journalizing journalizing Please click on the arrow to advance to the next slide…

Financial rights to the assets of a business. Please click on the arrow to advance to the next slide…

 sales invoice sales invoice  sale on account sale on account  equities equities Please click on the arrow to advance to the next slide…

Financial reports that summarize the financial condition and operations of a business. Please click on the arrow to advance to the next slide…

 receipt receipt  financial statements financial statements  journalizing journalizing Please click on the arrow to advance to the next slide…

An amount owed by a business. Please click on the arrow to advance to the next slide…

 debit debit  liabilityliability  invoice invoice Please click on the arrow to advance to the next slide…

The amount remaining after the value of all liabilities is subtracted from the value of all assets. Please click on the arrow to advance to the next slide…

 special amount column special amount column  normal balance normal balance  credit balance credit balance Please click on the arrow to advance to the next slide…

A business that performs an activity for a fee. Please click on the arrow to advance to the next slide…

 credit credit  service business service business  Non-profit organization Non-profit organization Please click on the arrow to advance to the next slide…

A business owned by one person. Please click on the arrow to advance to the next slide…

 proprietorship proprietorship  T accountT account  cooperation cooperation Please click on the arrow to advance to the next slide…

An increase in owner’s equity resulting from the operation of a business. Please click on the arrow to advance to the next slide…

 journalizing journalizing  revenue revenue  ethics ethics Please click on the arrow to advance to the next slide…

A sale for which cash will be received at a later date. Please click on the arrow to advance to the next slide…

 sale on account sale on account  expense expense  proving cash proving cash Please click on the arrow to advance to the next slide…

A business activity that changes assets, liabilities, or owner’s equity. Please click on the arrow to advance to the next slide…

 withdrawals withdrawals  double-entry accounting double-entry accounting  transaction transaction Please click on the arrow to advance to the next slide…

Assets taken out of a business for the owner’s personal use. Please click on the arrow to advance to the next slide…

 financial statements financial statements  withdrawals withdrawals  deposits deposits Please click on the arrow to advance to the next slide…

The principles of right and wrong that guide an individual in making decisions. Please click on the arrow to advance to the next slide…

 financial statements financial statements  general amount column general amount column  ethics ethics Please click on the arrow to advance to the next slide…

The side of the account that is increased. Please click on the arrow to advance to the next slide…

 normal balance normal balance  credit balance credit balance  debit balance debit balance Please click on the arrow to advance to the next slide…

A list of accounts used by a business. Please click on the arrow to advance to the next slide…

 chart of accounts chart of accounts  debit debit  sales invoice sales invoice Please click on the arrow to advance to the next slide…

An amount recorded on the right side of a T account. Please click on the arrow to advance to the next slide…

 debit debit  deposit deposit  credit credit Please click on the arrow to advance to the next slide…

An amount recorded on the left side of a T account. Please click on the arrow to advance to the next slide…

 credit credit  debit debit  account balance account balance Please click on the arrow to advance to the next slide…

An accounting device used to analyze transactions. Please click on the arrow to advance to the next slide…

 special amount column special amount column  T account T account  source document source document Please click on the arrow to advance to the next slide…

A business form ordering a bank to pay cash from a bank account. Please click on the arrow to advance to the next slide…

 deposit slip deposit slip  memo memo  check check Please click on the arrow to advance to the next slide…

Determining that the amount of cash agrees with the accounting records. Please click on the arrow to advance to the next slide…

 proprietorship proprietorship  proving cash proving cash  credit credit Please click on the arrow to advance to the next slide…

A journal amount column that is not headed with an account title. Please click on the arrow to advance to the next slide…

 chart of accounts chart of accounts  general amount column general amount column  special amount column special amount column Please click on the arrow to advance to the next slide…

The recording of debit and credit parts of a transaction. Please click on the arrow to advance to the next slide…

 double-entry accounting double-entry accounting  proving cash proving cash  accounting accounting Please click on the arrow to advance to the next slide…

A form for recording transactions in chronological order. Please click on the arrow to advance to the next slide…

 checkbook checkbook  source document source document  journal journal Please click on the arrow to advance to the next slide…

Recording transactions in a journal. Please click on the arrow to advance to the next slide…

 correcting correcting  journalizing journalizing  double-entry accounting double-entry accounting Please click on the arrow to advance to the next slide…

A form on which a brief message is written describing a transaction. Please click on the arrow to advance to the next slide…

 memorandum memorandum  invoice invoice  sales invoice sales invoice Please click on the arrow to advance to the next slide…

A journal amount column headed with an account title. Please click on the arrow to advance to the next slide…

 T-account T-account  normal balance normal balance  special amount column special amount column Please click on the arrow to advance to the next slide…

A business form giving written acknowledgement for cash received. Please click on the arrow to advance to the next slide…

 normal balance normal balance  check check  receipt receipt Please click on the arrow to advance to the next slide…

A business paper from which information is obtained for a journal entry. Please click on the arrow to advance to the next slide…

 transaction transaction  source document source document  memo memo Please click on the arrow to advance to the next slide…

The number assigned to an account. Please click on the arrow to advance to the next slide…

 chart of accounts chart of accounts  account number account number  check number check number Please click on the arrow to advance to the next slide…

An additional journal entry, used to correct an incorrect journal entry. Please click on the arrow to advance to the next slide…

 transaction transaction  general journal entry general journal entry  correcting entry correcting entry Please click on the arrow to advance to the next slide…

A ledger that contains all accounts needed to prepare financial statements. Please click on the arrow to advance to the next slide…

 general ledger general ledger  general journal general journal  work sheet work sheet Please click on the arrow to advance to the next slide…

Transferring information from a journal entry to a ledger account. Please click on the arrow to advance to the next slide…

 adjusting an entry adjusting an entry  posting posting  proving cash proving cash Please click on the arrow to advance to the next slide…

A report of deposits, withdrawals, and bank balances sent to a depositor by a bank. Please click on the arrow to advance to the next slide…

 bank statement bank statement  deposit slip deposit slip  check check Please click on the arrow to advance to the next slide…

An endorsement consisting only of the endorser’s signature. Please click on the arrow to advance to the next slide…

 full endorsement full endorsement  blank endorsement blank endorsement  special endorsement special endorsement Please click on the arrow to advance to the next slide…

A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder. Please click on the arrow to advance to the next slide…

 debit card debit card  birthday card birthday card  gift card gift card Please click on the arrow to advance to the next slide…

A check that a bank refuses to pay. Please click on the arrow to advance to the next slide…

 dishonored check dishonored check  certified check certified check  paycheck paycheck Please click on the arrow to advance to the next slide…

An amount of cash kept on hand and used for making small payments. Please click on the arrow to advance to the next slide…

 checking account balance checking account balance  petty cash petty cash  piggy bank cash piggy bank cash Please click on the arrow to advance to the next slide…

A check with a future date on it. Please click on the arrow to advance to the next slide…

 postdated check postdated check  dishonored check dishonored check  blank check blank check Please click on the arrow to advance to the next slide…

CORRECT!!!! Please click on the button to return to the previous slide..

SORRY!! WRONG! Please click on the button to return to the previous slide..