Accounting I (Unit 2A) Vocabulary Words

20 terms by KChamp 

Create a new folder

Advertisement Upgrade to remove ads

Vocabulary words for Unit 2 of Accounting I

Account

A record summarizing all the information pertaining to a single item in the accounting equation.

Account Balance

The amount in an account.

Accounting Cycle

The series of accounting activities included in recording financial information for fiscal period.

Accounting Equation

An equation showing the relationship among assets, liabilities, and owner's equity.

Accounting Period Cycle Concept

Changes in financial information are reported for a specific period of time in the form of financial statements.

Accounting Record

An organized summary of a business's financial activities.

Accounting System

A planned process for providing financial information that will be useful to management.

Account Number

The number assigned to an account

Account Title

The name given to an account.

Adequate Disclosure Concept

Financial statements that contain all information necessary to understand a business's financial condition.

Adjusting Entries

Journal entries recorded to update general ledger accounts at the end of the fiscal period.

Adjustments

Changes recorded on a work sheet to update general ledger accounts at the end of the fiscal period.

Assets

Anything of value that is owned

Business Entity Conept

Financial information is recorded and reported separately from the owner's personal financial information.

Capital

The account used to summarize the owner's equity in a business.

Closing entries

Jounal entries used to prepare temporary accounts for a new fiscal period.

Consistent reporting concept

The same accounting procedures are followed in the same way on each accounting period.

Correcting entry

A journal entry made to correct an error in a ledger.

Equities

Financial rights to the assets of a business.

File maintenance

The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current.

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions above and try again

Example:

Reload the page to try again!

Reload

Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

NEW! Voice Recording

Create Set