Set: Accounting I (Unit 2b) Vocabulary Words

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All 20 terms

TermDefinition
Fiscal periodThe length of time of which a business summaries and reports financial information.
General ledgerA ledger that contains all accounts needed to prepare financial statements.
Going concern conceptFinancial statements are prepared with the expectation that a business will remain in operation indefinitely.
Income statementA financial statement showing the revenue and total expenses for a fiscal period.
LedgerA group of accounts.
LiabilityAn amount owned by a business.
Matching expenses with revenue conceptWhen revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period.
Net incomeThe difference between total revenue and total expenses when total revenue is greater.
Net lossThe difference between total revenue and total expenses when total expenses are greater.
Objective evidence conceptA source document is prepared for each transaction.
Opening an accountWriting the account title and number on the heading of an account.
Owner's equityThe amount remaining after the value of all liabilities is subtracted from the value of all assets.
Permanent accountsAccounts used to accumulate information from one fiscal period to the next.
Post-closing trial balanceA trial balance prepared after the closing entries are posted.
PostingTransferring information from a journal entry to a ledger account.
ProprietorshipA business owned by one person.
Temporary accountsAccounts used to accumulate information until it is transferred to the owner's capital account.
TransactionA business activity that changes assets, liabilities, or owner's equity.
Trial balanceA proof of the equality of debits and credits in a general ledger.
Work sheetA columnar accounting form used to summarize the general ledger information needed to prepare financial statements.

Set Information

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

Vocabulary Words for Unit 2 of Accounting I

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Most Missed Words

  1. Trial balance A proof of the equality of debits and credits in a general ledger. - 16 misses
  2. Matching expenses with revenue concept When revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period. - 15 misses
  3. Temporary accounts Accounts used to accumulate information until it is transferred to the owner's capital account. - 12 misses
  4. Permanent accounts Accounts used to accumulate information from one fiscal period to the next. - 12 misses
  5. Objective evidence concept A source document is prepared for each transaction. - 11 misses
  6. Post-closing trial balance A trial balance prepared after the closing entries are posted. - 10 misses
  7. Work sheet A columnar accounting form used to summarize the general ledger information needed to prepare financial statements. - 9 misses