Study sets matching "accounting terms"

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Study sets matching "accounting 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…
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
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…
Accounting Terms
Debit
Credit
Assets
Liabilities
...
Debit
Credit
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…
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.
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
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…
20 terms
Accounting Terms
Planning, recording, analyzing, and in…
Organized summaries operations of a bu…
An equation showing the relationship a…
A decrease in owner's equity resulting…
Accounting
Accounting records
Accounting equations
Expense
Planning, recording, analyzing, and in…
Accounting
Organized summaries operations of a bu…
Accounting records
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…
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
AR
AP
CF
CR
Accounts Receivable
Accounts Payable
Cash Flow
credit
AR
Accounts Receivable
AP
Accounts Payable
5 terms
Accounting Chapter 2 Terms
T Account
Debit
Credit
Normal Balance
an accounting device used to analyze transactions
an amount recorded on the left side of a T account
an amount recorded on the right side of a T account
the side of the account that is increased
T Account
an accounting device used to analyze transactions
Debit
an amount recorded on the left side of a T account
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…
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
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…
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.
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
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)
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 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…
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
12 terms
Accounting--Chapter 11 Terms
Board of directors
Credit memorandum
Debit memorandum
Declaring a dividend
A group of persons elected by the stockholders to govern a co…
A form prepared by the vendor showing the amount deducted for…
A form prepared by the customer showing the price deduction t…
Action by a board of directors to distribute corporate earnin…
Board of directors
A group of persons elected by the stockholders to govern a co…
Credit memorandum
A form prepared by the vendor showing the amount deducted for…
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
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
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…
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…
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…
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
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
Accounting terms
Debit
Owner's Equity
Accounts payable
Prepaid expenses
the amount on the left hand side of an account
What's left over after assets and liabilities have been settl…
Anything entered into ledger that has yet to be paid out.
An amount that has already been paid that relates to a future…
Debit
the amount on the left hand side of an account
Owner's Equity
What's left over after assets and liabilities have been settl…
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.
14 terms
Accounting Chapter 10 Terms
Customer
Sales Tax
Sales Journal
Cash Sale
A person or business to whom merchandise or services are sold
A tax on a sale of merchandise or services
A special journal used to record only sales of merchandise on…
A sale in which cash is received for the total amount of the…
Customer
A person or business to whom merchandise or services are sold
Sales Tax
A tax on a sale of merchandise or services
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…
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
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…
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
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…
38 terms
Accounting Terms - Chapter 1
account receivable
accounting
accounting equation
assets
A claim against the customer.
An info system that provides reports to stakeholders about th…
Assets = Liab. + OE
The resources owned by a business.
account receivable
A claim against the customer.
accounting
An info system that provides reports to stakeholders about th…
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.
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.
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
Accounting - terms
Accounting
Accounting System
Accounting records
Service Buisness
Planning, recording, analysing, and interpreting financial in…
A planned process for providing financial information that wi…
Organized summaries of a business's financial activities
A business that performs an activity for a fee
Accounting
Planning, recording, analysing, and interpreting financial in…
Accounting System
A planned process for providing financial information that wi…
Accounting Terms
Accountant
Accounting Clerk
For-Profit-Business
Not-For-Profit Organization (Non-Profi…
A person who handles a broad range of responsibilities, makes…
An entry-level job that can vary from specializing in one par…
Businesses created to make money.
Business created for a purpose other than making money.
Accountant
A person who handles a broad range of responsibilities, makes…
Accounting Clerk
An entry-level job that can vary from specializing in one par…
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