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Vocabulary words for Unit 2 of Accounting I


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.


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


Anything of value that is owned

Business Entity Conept

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


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.


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.

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