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175 terms
Accounting Terms
Account
Accountant
Account balance
Accounting
a device for recording the changes (increases or decreases) i…
one who is concerned with the design of the system of records…
the difference between the total debits and the total credits…
a language of business employed to communicate financial info…
Account
a device for recording the changes (increases or decreases) i…
Accountant
one who is concerned with the design of the system of records…
32 terms
Accounting Terms
Auto Insurance
Budget
Cash Flow
Certificate of Deposit
A type of insurance used by vehicle owners to cover costs ass…
A chart that documents how much money an individual earns and…
The relationship between income and expenses in a budget. For…
A savings vehicle offered through banks with a set maturity d…
Auto Insurance
A type of insurance used by vehicle owners to cover costs ass…
Budget
A chart that documents how much money an individual earns and…
10 terms
Accounting Chapter 3 Terms
Journal
journalizing
entry
double entry accounting
A form for recording transactions in chronological order
Recording transactions in a journal
Information for each transaction recorded in a journal
The recording of debit and credit parts of a transaction
Journal
A form for recording transactions in chronological order
journalizing
Recording transactions in a journal
22 terms
accounting terms
accounting
accounting system
accounting records
financial statements
planning, recording, analyzing, and interpreting financial in…
a planned process for providing information that will be usef…
organized summaries of a business's financial activities
financial reports that summarize the financial condition and…
accounting
planning, recording, analyzing, and interpreting financial in…
accounting system
a planned process for providing information that will be usef…
35 terms
Accounting Terms
Accountant
Accounting
Bookkeeper
Ethics
Handles a broad range of responsibilities, including making b…
Planning, recording, analyzing, and interpreting financial in…
A person who does general accounting work plus some summarizi…
A standard of conduct that all members of a given profession…
Accountant
Handles a broad range of responsibilities, including making b…
Accounting
Planning, recording, analyzing, and interpreting financial in…
55 terms
Accounting terms
Accounting
Bad debt
Capital
Equity
A skill or practice of maintaining accounts and preparing rep…
A debt owing to a business which is unlikely to be repaid
The total resources supplied to a business from the owner
Another name for the capital of the owner
Accounting
A skill or practice of maintaining accounts and preparing rep…
Bad debt
A debt owing to a business which is unlikely to be repaid
178 terms
Accounting Terms
Account.
Account Balance.
Accountant.
Accounting Cycle.
A device for recording the changes (increases or decreases) i…
The difference between the total debits and the total credits…
One who is concerned with the design of the system of records…
The process involved in journalizing, posting to the ledger,…
Account.
A device for recording the changes (increases or decreases) i…
Account Balance.
The difference between the total debits and the total credits…
26 terms
Accounting Terms
Accounting
Accounting System
Accounting Records
Financial Statements
Planning, recording, analyzing, and interpreting financial in…
A planned process for providing financial information that wi…
Organized summaries of a business's financial activities.
Financial reports that summarize the financial condiion and o…
Accounting
Planning, recording, analyzing, and interpreting financial in…
Accounting System
A planned process for providing financial information that wi…
52 terms
Accounting and Business (Accounting Terms)
account form
account payable
account receivable
accounting
The form of balance sheet that resembles the basic format of…
The liability created by a purchase on account.
A claim against the customer created by selling merchandise o…
An information system that provides reports to stakeholders a…
account form
The form of balance sheet that resembles the basic format of…
account payable
The liability created by a purchase on account.
25 terms
Accounting Ch. 1 Terms
assets
liabilities
owner's equity
accounting
resources with future benefits that are owned or controlled b…
claims on an asset (something you owe)
claims of the owner
an information and measurement system that identifies, record…
assets
resources with future benefits that are owned or controlled b…
liabilities
claims on an asset (something you owe)
22 terms
Accounting Terms
Account
Account balance
Account title
Accounting
A record summarizing all of the information pertaining to a s…
The amount in an account
The name given to an account
Planning, recording, analyzing, and interpreting financial in…
Account
A record summarizing all of the information pertaining to a s…
Account balance
The amount in an account
Accounting Terms
accounting
accounting system
accounting records
financial statements
planning, recording, analyzing, and interpreting financial in…
a planned process for providing financial information that wi…
organized summaries of a business' financial activities
financial reports that summarize the financial condition and…
accounting
planning, recording, analyzing, and interpreting financial in…
accounting system
a planned process for providing financial information that wi…
20 terms
Accounting Terms
Accounting
Transactions
Assets
Liability
The action or process of keeping financial accounts.
Events that affect the finances of a business.
Resources owned by a business.
A company's debts or obligations that arise during the course…
Accounting
The action or process of keeping financial accounts.
Transactions
Events that affect the finances of a business.
16 terms
Accounting Terms
Manufacturing business
Cooperations
Service business
Sole Proprietorship
Business that buys raw materials, converts them into a new pr…
A special form of business that is owned by shareholders.
Business that sells services
Owner of a business who is in business alone
Manufacturing business
Business that buys raw materials, converts them into a new pr…
Cooperations
A special form of business that is owned by shareholders.
13 terms
Accounting Terms
Accounts Payable
Accounts
Assets
SOFP
Amounts due for payment to suppliers of goods or services, al…
Financial statements prepared at the end of a period to refle…
Something a business owns/uses, e.g. equipment or rights to a…
A statement of the financial position of an entity showing as…
Accounts Payable
Amounts due for payment to suppliers of goods or services, al…
Accounts
Financial statements prepared at the end of a period to refle…
12 terms
Accounting terms
Assets
Liabilities
Trade Payables
Trade Receivables
Resources owned by the business
Amounts payable by the business to others
Amounts payable to Suppliers on account of credit purchases
Amount receivable from Customers due to credit sales
Assets
Resources owned by the business
Liabilities
Amounts payable by the business to others
30 terms
Accounting Terms
Accounting
Current asset
Amortization
Accounts Payable
is the measurement, processing and communication of financial…
is any asset reasonably expected to be sold, consumed, or exh…
Reduces debts through equal payments that include interest.
are liabilities of a business and represent money owed to oth…
Accounting
is the measurement, processing and communication of financial…
Current asset
is any asset reasonably expected to be sold, consumed, or exh…
13 terms
Accounting terms
accounting technician
high school degree
accounting
finances
accounting technician
high school degree
99 terms
Accounting Terms
Accounts Payable
Accounts Receivable
Action Plans
Amendment
Money an organization owes its vendors and suppliers
Money an organization's customers owe the organization
Detailed steps a unit, department, or team will take in order…
Modification of the Constitution or a law; may be either form…
Accounts Payable
Money an organization owes its vendors and suppliers
Accounts Receivable
Money an organization's customers owe the organization
22 terms
accounting terms
accounting
accounting system
accounting records
financial statements
planning, recording, analyzing, and interpreting financial in…
a planned process for providing information that will be usef…
organized summaries of a business's financial activities
financial reports that summarize the financial condition and…
accounting
planning, recording, analyzing, and interpreting financial in…
accounting system
a planned process for providing information that will be usef…
51 terms
Accounting Terms
Account numbers
Accounts
Accounts Payable
Accounts Receivable
The numbers assigned to accounts according to the chart of ac…
The categories under the Assets, Liabilities, and Owner's Equ…
A liability account used for short-term debts or charge accou…
Money that is owed to a business by it's customers.
Account numbers
The numbers assigned to accounts according to the chart of ac…
Accounts
The categories under the Assets, Liabilities, and Owner's Equ…
10 terms
Accounting Chapter 1 Terms
Accounting
Accounting System
Financial Statements
Net Worth Statement
The process of planning, recording, analyzing, and interpreti…
A planned process designed to compile financial data and summ…
Financial reports that summarize the financial condition and…
A document that allows the person extending the loan to see t…
Accounting
The process of planning, recording, analyzing, and interpreti…
Accounting System
A planned process designed to compile financial data and summ…
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…
Accounting Terms
Cash Sales
Credit Sales
Income Type : (Rent Received)
Commission Received (Income Type)
Sales made where payment is immediately made using cash, cred…
When you buy or sell a product/service, but payment will happ…
When a company has a secondary income type for renting out pa…
Company Selling a product/service on behalf of another busine…
Cash Sales
Sales made where payment is immediately made using cash, cred…
Credit Sales
When you buy or sell a product/service, but payment will happ…
17 terms
Accounting Chapter 5 Terms
Checking Account
Deposit Slip
Endorsement
Blank Endorsement
A bank account from which payments can be ordered by a deposi…
A bank form which lists the checks, currency, and coins an ac…
A signature or stamp on the back of a check transferring owne…
An endorsement consisting only of the endorser's signature
Checking Account
A bank account from which payments can be ordered by a deposi…
Deposit Slip
A bank form which lists the checks, currency, and coins an ac…
13 terms
Accounting Chapter 5 Terms
Code of Conduct
Checking Account
Endorsment
Blank Endorsment
A statement that guides the ethical behavior of a company and…
A bank account from which payments can be ordered by a deposi…
A signature or stamp on the back of a check transferring owne…
An endorsement consisting only of the endorsers signature
Code of Conduct
A statement that guides the ethical behavior of a company and…
Checking Account
A bank account from which payments can be ordered by a deposi…
30 terms
Chapter 1 Accounting Terms
Accounting *... 1-1
accounting system *... 1-1
financial statements *... 1-1
Asset *... 1-1
is the process of planning, recording, analyzing and interpre…
is a planned process designed to compile financial data and s…
financial reports that summarize the financial condition and…
Anything of value that is owned.
Accounting *... 1-1
is the process of planning, recording, analyzing and interpre…
accounting system *... 1-1
is a planned process designed to compile financial data and s…
10 terms
Accounting Terms
accounting
business ethics
ethics
accounting equation
Planning, recording, analyzing, and interpreting financial in…
The use of ethics in making business decisions
The principles of right and wrong that guide an individual in…
An equation showing the relationship among assets, liabilitie…
accounting
Planning, recording, analyzing, and interpreting financial in…
business ethics
The use of ethics in making business decisions
9 terms
Accounting Chapter 7 Terms
Posting
General Ledger
Ledger Account Forms
Proving the Ledger
is the process of transferring information from the journal t…
Accounts kept manually in a specific file or electronically o…
The accounting stationery used to record financial informatio…
Adding all the debit balances, then adding all the credit bal…
Posting
is the process of transferring information from the journal t…
General Ledger
Accounts kept manually in a specific file or electronically o…
34 terms
Accounting Terms
depreciation
tangible assets
non-current assets
fixed assets
synonym of amortization
opposite of intangible assets
opposite of current assets
British for non-current assets
depreciation
synonym of amortization
tangible assets
opposite of intangible assets
Accounting Chapter 3 Terms
Journal
journalizing
entry
double entry accounting
A form for recording transactions in chronological order
Recording transactions in a journal
Information for each transaction recorded in a journal
The recording of debit and credit parts of a transaction
Journal
A form for recording transactions in chronological order
journalizing
Recording transactions in a journal
13 terms
Accounting Chapter 3 Terms
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 (sales,…
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
56 terms
Accounting Unit 4 Terms
Accounts payable ledger
Accounts receivable ledger
Batch report
Batching out
a subsidiary ledger containing only accounts for vendors from…
a subsidiary ledger containing only accounts for charge custo…
a report which gives performance information over a specific…
closing out all the transactions on the system that were proc…
Accounts payable ledger
a subsidiary ledger containing only accounts for vendors from…
Accounts receivable ledger
a subsidiary ledger containing only accounts for charge custo…
22 terms
Accounting - Chapter 1 Terms
accounting
accounting system
accounting records
financial statements
planning, recording, analyzing, and interpreting financial in…
a planned process for providing financial information that wi…
organized summaries of a business's financial activities
financial reports that summarize the financial condition and…
accounting
planning, recording, analyzing, and interpreting financial in…
accounting system
a planned process for providing financial information that wi…
9 terms
Accounting - Terms
Bookkeeping
Financial reporting
Integrity
Public Accounting
the procedural aspect of accounting that involves keeping det…
A broad term that describes all information provided to exter…
An important quality of accounting information that allows in…
The segment of accounting profession that relates to providin…
Bookkeeping
the procedural aspect of accounting that involves keeping det…
Financial reporting
A broad term that describes all information provided to exter…
17 terms
Chapter 2 Accounting Terms
*T account*
*Debit*
*Credit*
*Chart of accounts*
something used in accounting to analyze transactions.
an amount recorded on the left side of the account.
an amount recorded on the right side of the account.
A list of accounts used by a business.
*T account*
something used in accounting to analyze transactions.
*Debit*
an amount recorded on the left side of the account.
46 terms
Ch 2 Accounting Terms
The process by which financial informa…
A process designed to accumulate, clas…
The review of financial statements to…
An independent accountant's review of…
Accounting
Accounting System
Auditing
Auditor's Report
The process by which financial informa…
Accounting
A process designed to accumulate, clas…
Accounting System
32 terms
Accounting Terms
Sarbanes-Oxley Act (SOX)
Liabilities
Types of liabilities
Common Stock
used to reduce unethical corporate behavior and decrease the…
amounts owed to creditors in the form of debt and obligations
1. Notes Payable... 2. Bonds Payable
the total amount paid in by stockholders for the shares they…
Sarbanes-Oxley Act (SOX)
used to reduce unethical corporate behavior and decrease the…
Liabilities
amounts owed to creditors in the form of debt and obligations
22 terms
Accounting Ch1 Terms
accounting
accounting system
accounting records
financial statements
planning, recording, analyzing, and interpreting financial in…
a planned process for providing financial information that wi…
organized summaries of a business's financial condition and o…
financial reports that summarize the financial condition and…
accounting
planning, recording, analyzing, and interpreting financial in…
accounting system
a planned process for providing financial information that wi…
22 terms
Accounting Terms
Account
Account Balance
Account Title
Accounting
A Record Summarizing All The Information Pertaining To A Sing…
The amount in an account
The name given to an account
Planning, recording, analyzing, and interpreting financial in…
Account
A Record Summarizing All The Information Pertaining To A Sing…
Account Balance
The amount in an account
51 terms
Accounting Terms
accounting system
agent
annual report
assets
means by which accounting information about a business' activ…
is a person who has the authority to act for another
when a business publishes its income statement, balance sheet…
economic resources that a business owns and that it expects w…
accounting system
means by which accounting information about a business' activ…
agent
is a person who has the authority to act for another
88 terms
Accounting 1 - Terms
Account
Accountant
Accounting
Accounting Cycle
A record summarizing all the information pertaining to a sing…
A person whose profession is the creating and preparing of fi…
The planning, recording, analyzing, and interpreting of finan…
The series of accounting activities included in recording fin…
Account
A record summarizing all the information pertaining to a sing…
Accountant
A person whose profession is the creating and preparing of fi…
62 terms
Accounting terms
After certain types of transactions it…
Assets (stuff) accounts track the doll…
The main purpose of lability accounts…
The main purpose of Equity accounts is…
false
false
true
true
After certain types of transactions it…
false
Assets (stuff) accounts track the doll…
false
13 terms
Accounting - Chapter 3 - Terms
Check
Double-entry accounting
Entry
Invoice
A business form ordering a bank to pay cash from a bank accou…
The recording of debit and credit parts of a transaction.
Information for each transaction recorded in a journal.
A form describing the goods or services sold, the quantity, t…
Check
A business form ordering a bank to pay cash from a bank accou…
Double-entry accounting
The recording of debit and credit parts of a transaction.
21 terms
Accounting: Chapter 1 Terms
Accounting
Accounting System
Accounting Records
Financial Statements
Planning, recording, analyzing and interpreting financial inf…
A planned process for providing financial information that wi…
Organized summaries of a business's financial activities.
Financial reports that summarize the financial condition and…
Accounting
Planning, recording, analyzing and interpreting financial inf…
Accounting System
A planned process for providing financial information that wi…
15 terms
Accounting - Chapter 10 - Terms
Accounts receivable ledger
Accounts receivable trial balance
Batch report
Batching out
A subsidiary ledger containing all accounts for charge custom…
See schedule of accounts receivable.
A report of credit card sales produced by a point-of-sale ter…
The process of preparing a batch report from a point-of-sale…
Accounts receivable ledger
A subsidiary ledger containing all accounts for charge custom…
Accounts receivable trial balance
See schedule of accounts receivable.
43 terms
Accounting - Chapter 9 - Terms
Accounts payable ledger
Accounts payable trial balance
Articles of incorporation
Capital
The subsidiary ledger containing vendor accounts.
See schedule of accounts payable.
A legal document that identifies basic characteristics of a c…
The assets or other financial resources available to a busine…
Accounts payable ledger
The subsidiary ledger containing vendor accounts.
Accounts payable trial balance
See schedule of accounts payable.
29 terms
Accounting Terms
Cash
Accounts Receivable (A/R)
Note Receivable
Prepaids
DEBIT - ASSET - BALANCE SHEET
DEBIT - ASSET - BALANCE SHEET
DEBIT - ASSET - BALANCE SHEET
DEBIT - ASSET - BALANCE SHEET
Cash
DEBIT - ASSET - BALANCE SHEET
Accounts Receivable (A/R)
DEBIT - ASSET - BALANCE SHEET
Accounting terms
accrued income
audit report
balance sheet
deferred income
upplupna intäkter
revisionsberättelse
balansräkning
förutbetald intäkt
accrued income
upplupna intäkter
audit report
revisionsberättelse
11 terms
accounting terms
Dictates that the financial affairs of…
requires that accounting information m…
States that when a business acquires a…
A financial statement that reports res…
Business Entity Principle
Reliability Principle
Cost Principle
Income Statement
Dictates that the financial affairs of…
Business Entity Principle
requires that accounting information m…
Reliability Principle
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