How can we help?

You can also find more resources in our Help Center.

Study sets matching "accounting i chapter 4"

Study sets
Classes
Users

Study sets matching "accounting i chapter 4"

9 terms
Accounting 1 Chapter 4
balance-ruled account form
ledger
general ledger
account title
form that has columns for the debit and credit balance
a group of accounts
a ledger that contains all accounts needed to prepare financi…
name given to an account
balance-ruled account form
form that has columns for the debit and credit balance
ledger
a group of accounts
8 terms
Accounting 1 Chapter 4
Ledger
General ledger
Account number
File maintenance
A group of accounts
A ledger that contains all accounts needed to prepare financi…
The number assigned to a account
Procedure for arranging accounts in a general ledger, assigni…
Ledger
A group of accounts
General ledger
A ledger that contains all accounts needed to prepare financi…
7 terms
Accounting I - Chapter 4
account number
correcting entry
file maintenance
general ledger
the number assigned to an account
an additional journal entry, used to correct an incorrect jou…
the procedure for arranging accounts in a general ledger, ass…
a ledger that contains all accounts needed to prepare financi…
account number
the number assigned to an account
correcting entry
an additional journal entry, used to correct an incorrect jou…
22 terms
Accounting 1--Chapter 4
account number
correcting entry
file maintenance
general ledger
the number assigned to an account
an additional journal entry, used to correct an incorrect jou…
the procedure for arranging accounts in a general ledger, ass…
a ledger that contains all accounts needed to prepare financi…
account number
the number assigned to an account
correcting entry
an additional journal entry, used to correct an incorrect jou…
27 terms
Accounting I Chapter 4
Ledger
General Ledger
Account number
Account title
a group of accounts
A ledger that contains all accounts needed to prepare financi…
The number assigned to an account
the name given to an account
Ledger
a group of accounts
General Ledger
A ledger that contains all accounts needed to prepare financi…
9e Accounting 1 Chapter 4
balance-ruled account form
ledger
general ledger
account title
form that has columns for the debit and credit balance
a group of accounts
a ledger that contains all accounts needed to prepare financi…
name given to an account
balance-ruled account form
form that has columns for the debit and credit balance
ledger
a group of accounts
9e Accounting 1 Chapter 4
balance-ruled account form
ledger
general ledger
account title
form that has columns for the debit and credit balance
a group of accounts
a ledger that contains all accounts needed to prepare financi…
name given to an account
balance-ruled account form
form that has columns for the debit and credit balance
ledger
a group of accounts
8 terms
Accounting I - Chapter 4
ledger
general ledger
account number
file maintenance
A group of accounts.
A ledger that contains all accounts needed to prepare financi…
Then number assigned to an account.
The procedure for arranging accounts in a general ledger, ass…
ledger
A group of accounts.
general ledger
A ledger that contains all accounts needed to prepare financi…
8 terms
Accounting 1 Chapter 4
Charts of accounts
Ledger
Double-entry accounting
Debit
a list of all accounts used by a business
a group of accounts; also known as a general ledger
a system that recognizes the different sides of business tran…
an entry on the left side of an account
Charts of accounts
a list of all accounts used by a business
Ledger
a group of accounts; also known as a general ledger
8 terms
Accounting Chapter 4
account number
correcting entry
file maintenance
general ledger
The number assigned to an account.
A journal entry made to correct an error in a previous journa…
The procedure for arranging accounts in a general ledger, ass…
A ledger that contains all accounts needed to prepare financi…
account number
The number assigned to an account.
correcting entry
A journal entry made to correct an error in a previous journa…
8 terms
Accounting 1 Chapter 4
Ledger
General Ledger
Account Number
File Maintenance
Group of Accounts
A ledger that contains all accounts needed to prepare financi…
The number assigned to an account.
The procedure for arranging accounts in a general ledger, ass…
Ledger
Group of Accounts
General Ledger
A ledger that contains all accounts needed to prepare financi…
8 terms
Accounting I Chapter 4
account number
correcting entry
file maintenance
general ledger
the number assigned to an account.
a journal entry made to correct an error in a ledger.
the procedure for arranging accounts in a general ledger, ass…
a ledger that contains all accounts needed to prepare financi…
account number
the number assigned to an account.
correcting entry
a journal entry made to correct an error in a ledger.
20 terms
Principles of Accounting Level 1 - Chapter 4
Allowance Methods for Uncollectibles
Balance Sheet Approach
Bank Reconciliation
Bank Statement
Techniques that result in the recording of estimates for bad-…
The approach in which an assessment was made of the... desired b…
The process needed to identify errors, irregularities, and ad…
The document provided by the bank showing deposits, checks, o…
Allowance Methods for Uncollectibles
Techniques that result in the recording of estimates for bad-…
Balance Sheet Approach
The approach in which an assessment was made of the... desired b…
8 terms
Accounting 1- Chapter 4
ledger
General ledger
account number
file maintenance
a group of accounts
a ledger that contains all accounts needed to prepare financi…
the number assigned to an accoubt
the procedure for arranging accounts in a general ledger, ass…
ledger
a group of accounts
General ledger
a ledger that contains all accounts needed to prepare financi…
8 terms
Accounting 1 Chapter 4
ledger
general ledger
account number
file maintenance
A group of accounts
a ledger that contains all accounts needed to prepare financi…
The number assigned to an account
The procedure for arranging accounts in a general ledger, ass…
ledger
A group of accounts
general ledger
a ledger that contains all accounts needed to prepare financi…
23 terms
Chapter 4 - Accounting 1
Merchandise
Merchandiser
Wholesaler
Retailer
consists of products that a company acquires to resell to cus…
earns net income by buying and selling merchandise; either a…
buys products from manufactures or other wholesalers and sell…
buys products from manufactures or wholesalers and sells them…
Merchandise
consists of products that a company acquires to resell to cus…
Merchandiser
earns net income by buying and selling merchandise; either a…
8 terms
Cengage Accounting 1- Chapter 4
General Ledger
Account Number
Ledger
File Matinence
A ledger that contains all accounts needed to prepare financi…
The number assigned to an account
A group of accounts
The procedure for arranging accounts in a general ledger, ass…
General Ledger
A ledger that contains all accounts needed to prepare financi…
Account Number
The number assigned to an account
8 terms
Accounting 1-Chapter 4
Ledger
General Ledger
Account Number
File Maintenance
A group of accounts
A ledger that contains all accounts needed to prepare financi…
The number assigned to an account
The procedure for arranging accounts in a general ledger, ass…
Ledger
A group of accounts
General Ledger
A ledger that contains all accounts needed to prepare financi…
8 terms
Accounting 1-Chapter 4
Account Number
Correcting Entry
File Maintenance
General Ledger
The number assigned to an account.
If a transaction has been improperly journalized and posted t…
The procedure for arranging accounts in a general ledger, ass…
A ledger that contains all accounts needed to prepare financi…
Account Number
The number assigned to an account.
Correcting Entry
If a transaction has been improperly journalized and posted t…
8 terms
Accounting Chapter 4-1
Operating Activities
Investing Activities
Financing Activities
Examples of Investing Activities
Cash inflows and Outflows directly related to earnings from n…
Cash inflows and outflows related to acquisition or sale of p…
Cash inflows and outflows related to external sources of fina…
Changes in long term assets ... I.E. PPE
Operating Activities
Cash inflows and Outflows directly related to earnings from n…
Investing Activities
Cash inflows and outflows related to acquisition or sale of p…
Accounting 1- Chapter 4
Periodic inventory system
Perpetual inventory system
Cost of goods available for sale formula
Shrink
a system of accounting for inventory that does not keep a con…
a system of accounting for inventory that keeps a continuous,…
cost of goods sold + end inventory... also... beginning inventory +…
Business must still count inventory at least once a year to s…
Periodic inventory system
a system of accounting for inventory that does not keep a con…
Perpetual inventory system
a system of accounting for inventory that keeps a continuous,…
36 terms
Accounting 1, Chapter 4
account
accounting equation
accounting period
accounting system
a place a company uses to record and retain information about…
Assets= liabilities+owners equity
time span for which a company reports its revenues and expenses
process used to identify, measure, record, and retain informa…
account
a place a company uses to record and retain information about…
accounting equation
Assets= liabilities+owners equity
11 terms
Accounting 1 Chapter 4 Vocab
ledger
chart of accounts
double-entry accounting
T account
the "books" of a business in which the account balances of al…
listing of all account titles and account numbers of a busine…
system of recordkeeping where each transaction affects two (o…
account form used in recording transactions in accounts
ledger
the "books" of a business in which the account balances of al…
chart of accounts
listing of all account titles and account numbers of a busine…
7 terms
Accounting Chapter 4
Account Number
Correcting Entry
File Maintenance
General Ledger
The number assigned to an account.
A journal entry made to correct an error in a previous journa…
The procedure for arranging accounts in a general ledger, ass…
A ledger that contains all account needed to prepare financia…
Account Number
The number assigned to an account.
Correcting Entry
A journal entry made to correct an error in a previous journa…
8 terms
Accounting I - Chapter 4 - Vocabulary
Ledger
Chart of Accounts
Double-Entry Accounting
T Account
A book or file containing a separate page for each business a…
A list of all the accounts and their assigned account numbers…
A financial recordkeeping system in which each transaction af…
An account shaped like a T that is used for analyzing transac…
Ledger
A book or file containing a separate page for each business a…
Chart of Accounts
A list of all the accounts and their assigned account numbers…
7 terms
Accounting I, Chapter 4
Ledger
General Ledger
Account Number
File Maintenance
A group of accounts
A ledger that contains all accounts needed to prepare financi…
The number given to an account is the account number.
The procedure for arranging accounts in a general ledger, ass…
Ledger
A group of accounts
General Ledger
A ledger that contains all accounts needed to prepare financi…
8 terms
Accounting 1 chapter 4
Ledger
General Ledger
Account number
File maintenance
A group of accounts/ the place where we calculate the balance…
A ledger that contains all accounts needed to prepare financi…
The number assigned to an account
The procedure for arranging accounts in a general ledger, ass…
Ledger
A group of accounts/ the place where we calculate the balance…
General Ledger
A ledger that contains all accounts needed to prepare financi…
13 terms
Accounting 1 Chapter 4 Vocab
Journal
Journalizing
Special Amount Column
General Amount Column
A form for recording transactions in chronological order.
Recording transactions in a journal.
A journal amount column headed with an account title.
A journal amount column that is not headed with an account ti…
Journal
A form for recording transactions in chronological order.
Journalizing
Recording transactions in a journal.
14 terms
Accounting I Chapter 4
Asset Division
Liability Division
Owner's Equity Division
Revenue Division
What division of the general ledger is the first digit of 120…
What division of the general ledger is the first digit of 230…
What division of the general ledger is the first digit of 310…
What division of the general ledger is the first digit of 410…
Asset Division
What division of the general ledger is the first digit of 120…
Liability Division
What division of the general ledger is the first digit of 230…
10 terms
Accounting Chapter 4
The process of transferring the inform…
a group of accounts
a ledger that contains all accounts ne…
form used to record all information ab…
Posting
Ledger
General Ledger
Account
The process of transferring the inform…
Posting
a group of accounts
Ledger
15 terms
Accounting Chapter 4 Key Terms 1
Classified balance sheet
Current assets
Normal operating cycle
Liquidity
A balance sheet that places each asset and each liability int…
Assets that are expected to be converted to cash or used with…
Average time a business needs to go from spending cash to rec…
The ease with which an asset can be converted into cash.
Classified balance sheet
A balance sheet that places each asset and each liability int…
Current assets
Assets that are expected to be converted to cash or used with…
26 terms
Accounting Chapter 4.1
Chart of accounts
How many chart of accounts does a smal…
How many chart of accounts does a larg…
How are accounts physically organized?
a list of accounts used by a business
20 accounts
Several thousand accounts
in a paper-based system, each account may have its own page i…
Chart of accounts
a list of accounts used by a business
How many chart of accounts does a smal…
20 accounts
8 terms
Accounting Chapter 4 Terms
Ledger
General Ledger
Account Number
File Maintenance
Group of accounts
Ledger that contains all accounts needed to prepare financial…
Number assigned to account
Arranging accounts in a general ledger, assigning account num…
Ledger
Group of accounts
General Ledger
Ledger that contains all accounts needed to prepare financial…
8 terms
Accounting Chapter 4
ledger
general ledger
account number
file maintenance
A group of accounts
A ledger that contains all accounts needed to prepare financi…
The number assigned to an account
The procedure for arranging accounts in a general ledger, ass…
ledger
A group of accounts
general ledger
A ledger that contains all accounts needed to prepare financi…
7 terms
Accounting 1 - Chapter 4 Vocab
ledger
general ledger
account number
file maintenance
a group of accounts
a ledger that contains all accounts needed to prepare financi…
the number assigned to an account
the procedure for arranging accounts in a general ledger assi…
ledger
a group of accounts
general ledger
a ledger that contains all accounts needed to prepare financi…
25 terms
Chapter 4 Financial Accounting 1
Income Statement
Comprehensive Income
Comprehensive Income Items
Assess the financial performance for the current period
gives the bigger more comprehensive pricture of the organizat…
Net unrealized holding gains on investments, gains from amend…
Income Statement
Assess the financial performance for the current period
Comprehensive Income
gives the bigger more comprehensive pricture of the organizat…
19 terms
Chapter 4 Accounting 1 Terms
Classified Balance Sheet
Liquidity
Current Asset
Current Liability
Every asset and liability is in a specific category in the ba…
How quickly an item can be made into cash
An asset that will be liquefied in the operating cycle of the…
A liability that must be paid in the next operating cycle of…
Classified Balance Sheet
Every asset and liability is in a specific category in the ba…
Liquidity
How quickly an item can be made into cash
9 terms
Accounting 1 chapter 4 vocab
premium
adjusting entry
internal transactions
depreciation
a fee paid for insurance coverage that will benefit the busin…
an entry made at the end of an accounting period to bring the…
adjusting entries that update the ledger without involving pa…
an allocation process in which the cost of a long-term asset…
premium
a fee paid for insurance coverage that will benefit the busin…
adjusting entry
an entry made at the end of an accounting period to bring the…
Accounting 1 Chapter 4
ledger
general ledger
account number
file maintenance
a group of accounts
a ledger that contains all accounts needed to prepare a finan…
the number assigned to an account
the procedure for arranging accounts in a general ledger, ass…
ledger
a group of accounts
general ledger
a ledger that contains all accounts needed to prepare a finan…
9 terms
Accounting 1 Chapter 4 Vocabulary
ledger
general ledger
account number
file maintenance
a group of accounts
a ledger that contains all accounts needed to prepare financi…
the number assigned to an account
the procedure for arranging accounts in a general ledger, ass…
ledger
a group of accounts
general ledger
a ledger that contains all accounts needed to prepare financi…
7 terms
accounting chapter 4-1
ledger
general ledger
account number
file management
a group of accountants
a ledger that contains all accounts needed to prepare financi…
the number assigned to an account
the procedure for arranging accounts in a general ledger, ass…
ledger
a group of accountants
general ledger
a ledger that contains all accounts needed to prepare financi…
8 terms
Accounting Chapter 4 Vocabulary
account number
correcting entry
file maintenance
general ledger
the number assigned to an account
an additional journal entry, used to correct an incorrect jou…
the procedure for arranging accounts in a general ledger, ass…
a ledger that contains all accounts needed to prepare financi…
account number
the number assigned to an account
correcting entry
an additional journal entry, used to correct an incorrect jou…
9 terms
Accounting 1 Chapter 4 Vocabulary
ledger
general ledger
account number
file maintenance
A group of accounts
A ledger that contains all accounts needed to prepare financi…
The number assigned to an account
The procedure for arranging accounts in a general ledger, ass…
ledger
A group of accounts
general ledger
A ledger that contains all accounts needed to prepare financi…
10 terms
Chapter 4 accounting 1
Ledger
General ledger
Account title
Account number
A group of accounts
A ledger that has all the accounts used for financial stateme…
Name given to an account
The number assigned in the account
Ledger
A group of accounts
General ledger
A ledger that has all the accounts used for financial stateme…
8 terms
Accounting Chapter 4 Terms
Ledger
General Ledger
Account Number
File Maintenance
Group of accounts
Ledger that contains all accounts needed to prepare financial…
Number assigned to account
Arranging accounts in a general ledger, assigning account num…
Ledger
Group of accounts
General Ledger
Ledger that contains all accounts needed to prepare financial…
10 terms
Accounting 1 Chapter 4
General Ledger
Posting
Chart of Accounts
File Maintinence
A ledger that includes all necessary accounts for financial s…
Transfer records from General Journal to Ledger
Show the location of each account in the Ledger
Arranging accounts in General Ledger, assign account numbers,…
General Ledger
A ledger that includes all necessary accounts for financial s…
Posting
Transfer records from General Journal to Ledger
8 terms
Accounting 1 chapter 4
Account number
Correcting entry
File maintenance
General ledger
The number assigned to an account
A journal entry made to correct an error in a previous journa…
The procedure for arranging accounts in a general ledger, ass…
A ledger that contains all accounts needed to prepare financi…
Account number
The number assigned to an account
Correcting entry
A journal entry made to correct an error in a previous journa…
8 terms
Accounting Chapter 4
Account Number
Correcting entry
File maintenance
General Ledger
The number assigned to an account.
An additional journal entry made to correct an incorrect jour…
The procedure for arranging accounts in a general ledger, ass…
a ledger that contains all accounts needed to prepare to prep…
Account Number
The number assigned to an account.
Correcting entry
An additional journal entry made to correct an incorrect jour…
7 terms
accounting 1 chapter 4
ledger
General Ledger
Account Number
File Maintenance
A group of accounts
A ledger that contains all accounts needed to prepare financi…
The number assigned to an account
The procedure for arranging accounts in a general ledger, ass…
ledger
A group of accounts
General Ledger
A ledger that contains all accounts needed to prepare financi…
24 terms
Accounting 1 Chapter 4
account number
correcting entry
file matenince
ledger
The number assigned to an account
A journal entry made to correct an error in a ledger
The procedure for arranging accounts in a general ledger,... ass…
A group of accounts
account number
The number assigned to an account
correcting entry
A journal entry made to correct an error in a ledger
1 of 10