Set: Accounting I (Unit 2A) Vocabulary Words

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All 20 terms

TermDefinition
AccountA record summarizing all the information pertaining to a single item in the accounting equation.
Account BalanceThe amount in an account.
Accounting CycleThe series of accounting activities included in recording financial information for fiscal period.
Accounting EquationAn equation showing the relationship among assets, liabilities, and owner's equity.
Accounting Period Cycle ConceptChanges in financial information are reported for a specific period of time in the form of financial statements.
Accounting RecordAn organized summary of a business's financial activities.
Accounting SystemA planned process for providing financial information that will be useful to management.
Account NumberThe number assigned to an account
Account TitleThe name given to an account.
Adequate Disclosure ConceptFinancial statements that contain all information necessary to understand a business's financial condition.
Adjusting EntriesJournal entries recorded to update general ledger accounts at the end of the fiscal period.
AdjustmentsChanges recorded on a work sheet to update general ledger accounts at the end of the fiscal period.
AssetsAnything of value that is owned
Business Entity ConeptFinancial information is recorded and reported separately from the owner's personal financial information.
CapitalThe account used to summarize the owner's equity in a business.
Closing entriesJounal entries used to prepare temporary accounts for a new fiscal period.
Consistent reporting conceptThe same accounting procedures are followed in the same way on each accounting period.
Correcting entryA journal entry made to correct an error in a ledger.
EquitiesFinancial rights to the assets of a business.
File maintenanceThe procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current.
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Set Information

Terms 20
Creator KChamp
Created April 23, 2009
Groups None
Subject Accounting I
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Description

Vocabulary words for Unit 2 of Accounting I

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Most Missed Words

  1. Equities Financial rights to the assets of a business. - 3 misses
  2. Adequate Disclosure Concept Financial statements that contain all information necessary to understand a business's financial condition. - 3 misses
  3. File maintenance The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current. - 2 misses
  4. Accounting Cycle The series of accounting activities included in recording financial information for fiscal period. - 2 misses
  5. Accounting System A planned process for providing financial information that will be useful to management. - 1 miss
  6. Adjustments Changes recorded on a work sheet to update general ledger accounts at the end of the fiscal period. - 1 miss
  7. Adjusting Entries Journal entries recorded to update general ledger accounts at the end of the fiscal period. - 1 miss