AR ACCT II UNIT 1 #'s 1-28
About this set
Created by:
andrea_jackson on March 30, 2012
Subjects:
Log in to favorite or report as inappropriate.
Order by
27 terms
Terms | Definitions |
|---|---|
 Accountant | a person who handles a broad range of jobs related to the making of choices and decisions about the design for a business accounting system and the preparation and explanation of financial reports. |
| Accounting | planning, recording, analyzing, and interpreting financial activities. |
| Accounting clerk | entry-level job that can vary with the size of the company from specialization in one part of the system to a wide range of recordkeeping tasks. |
| Accounting equation | an equation showing the relationship among assets, liabilities, and owner's equity. |
| Accounts payable | the amount of money owed, or payable, to the creditors of a business. |
| Accounts receivable | the total amount of money owed to a business. |
| Adjusting entry | journal entries recorded to update general ledger accounts at the end of a fiscal period. |
| Adjustments | an amount that is added to or subtracted from an account balance to bring the balance up to date. |
| Asset | anything of value that is owned. |
| Balance sheet | a financial statement that reports assets, liabilities, and owner's equity on a specific date. |
| Bookkeeper | a person who keeps regular, concise, accurate records of business transaction by entering them in accounting books. |
| Capital | the account used to summarize the owner's equity in a business. |
| Chart of accounts | a list of accounts used by a business. |
| Check | a business form ordering a bank to pay cash from a bank account. |
| Chronolgical | arranged in or according to the order of time. |
| Closing entry | journal entries used to prepare temporary accounts for a new fiscal period. |
| Contra account | an account whose balance decreasses another account's balance. |
| Corporation | an organization with the legal rights of a person and which may be owned by many people. |
| Double-entry accounting | the recording of debit and credit parts of a transaction. |
| Drawing | an account showing the total assets taken out of the business by the owner. |
| Entry-level jobs | the first jobs that individuals get. |
| Equity | finacial rights to the assets of a business. |
| Ethical | conforming to accepted and established professinal standards of conduct. |
| Expenses | a decrease in owner's equity from the operation of business. |
| Financial statement | a report prepared to summarize the changes resulting from business transactions that occur during an accounting period. |
| Fiscal period | the length of time for which a business summarizes and reports financial information. |
| General journal | a journal with two amount columns in which all kinds of entries can be recorded. |
First Time Here?
Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.
Set Champions
Scatter Champion
20.1 secs by 32stargurl93
Space Race Champion
840 points by 32stargurl93