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Study sets matching "accounting vocabulary"

26 terms
Lesson 4 Accounting Vocabulary
Accounting equation
Accounts payable
Accounts receivable
Assets
Assets = Liabilities plus Owner's Equity (A = L + OE). This i…
The amount of money owed to others for goods or services boug…
The money owed to a company for services rendered or goods pu…
The money and things a company owns or controls.
Accounting equation
Assets = Liabilities plus Owner's Equity (A = L + OE). This i…
Accounts payable
The amount of money owed to others for goods or services boug…
Chapter 2 Accounting II Vocabulary
credit memorandum
Point of Sale (POS) terminal
Terminal Summary
invoice
a form prepared by the vendor showing the amount deducted for…
a specialized computer used to collet store , and report all…
the report that summarizes the cash and credit card sales of…
The source document for a sale on account
credit memorandum
a form prepared by the vendor showing the amount deducted for…
Point of Sale (POS) terminal
a specialized computer used to collet store , and report all…
10 terms
Vocabulary 3 ACCOUNTING
account balance
account title
accounting
accounting records
the amount in an account
the name given to an account
planning, recording, analyzing, and interpreting financial in…
organized summaries of a business's financial activities
account balance
the amount in an account
account title
the name given to an account
26 terms
Accounting Chapter 14 Vocabulary
subsidiary ledger
cash discount
contra account
bankcard
A ______ is a book that is summarized in a controlling accoun…
The amount a costomer may deduct if the payment deduct if the…
An account whose balance decreases another account's balance…
A _______ is a credit card issued by a bank and honored by ma…
subsidiary ledger
A ______ is a book that is summarized in a controlling accoun…
cash discount
The amount a costomer may deduct if the payment deduct if the…
10 terms
Vocabulary 8 ACCOUNTING
bank statement
blank endorsement
checking account
code of conduct
a report of deposits, withdrawals, and bank balances sent to…
an endorsement consisting only of the endorser's signature
a bank account from which payments can be ordered by a deposi…
a statement that guides the ethical behavior of a company and…
bank statement
a report of deposits, withdrawals, and bank balances sent to…
blank endorsement
an endorsement consisting only of the endorser's signature
10 terms
Vocabulary 8 ACCOUNTING
bank statement
blank endorsement
checking account
code of conduct
a report of deposits, withdrawals, and bank balances sent to…
an endorsement consisting only of the endorser's signature
a bank account from which payments can be ordered by a deposi…
a statement that guides the ethical behavior of a company and…
bank statement
a report of deposits, withdrawals, and bank balances sent to…
blank endorsement
an endorsement consisting only of the endorser's signature
37 terms
Accounting Vocabulary Chapters 7-9
component percentage
stakeholders
accounting cycle
adjusting entries
the percentage relationship between one financial statement i…
any persons or groups who will be affected by an action
the series of accounting activities included in recording fin…
journal entries recorded to update general ledger accounts at…
component percentage
the percentage relationship between one financial statement i…
stakeholders
any persons or groups who will be affected by an action
32 terms
Accounting Vocabulary Chapters 10 - 12
batch report
batching out
cash receipts journal
cash sale
a report of credit card sales produced by a point-of-sale ter…
the process of preparing a batch report of credit card sales…
a special journal used to record only cash receipt transactions
a sale in which cash is received for the total amount of the…
batch report
a report of credit card sales produced by a point-of-sale ter…
batching out
the process of preparing a batch report of credit card sales…
10 terms
Accounting Chapter 2 Vocabulary
t account
debit
credit
normal balance
An accounting device used to analyze transactions
An amount recorded on the left side
An amount recorded on the right side
The side of account that is increased
t account
An accounting device used to analyze transactions
debit
An amount recorded on the left side
25 terms
Accounting Chapter 1 Vocabulary
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…
10 terms
Vocabulary 12 Terms Accounting
Bank statement
Check register
Balancing a checkbook
Pre-authorized payments
a printed record of the balance in a bank account and the amo…
the journal used to record all of the checks, cash payments,…
means you've recorded all additions (deposits) made to your a…
directs the bank to transfer a specific amount of money from…
Bank statement
a printed record of the balance in a bank account and the amo…
Check register
the journal used to record all of the checks, cash payments,…
30 terms
Accounting Final Vocabulary Review
Accounting Equation
Adjusting Entries
Balance Sheet
Chart of Accounts
An equation showing the relationship among assets, liabilitie…
Journal entries recorded to update general ledger accounts at…
A financial statement that reports assets, liabilities, and o…
A list of accounts used by a business.
Accounting Equation
An equation showing the relationship among assets, liabilitie…
Adjusting Entries
Journal entries recorded to update general ledger accounts at…
24 terms
Accounting Chapter 8 Vocabulary
Acquisition Cost
Amortization
Capitalized Interest
Copyright
The net cash equivalent amount paid or to be paid for an asset
Systematic and rational allocation of the acquisition cost of…
Interest expenditures included in the cost of a self-construc…
Exclusive right to publish, use, and sell a literary, musical…
Acquisition Cost
The net cash equivalent amount paid or to be paid for an asset
Amortization
Systematic and rational allocation of the acquisition cost of…
15 terms
Chapter 1 Accounting Vocabulary
Stakeholders
Lenders
Investors
Sarbarnes-Oxley Act
All the people who stand to gain or lose by the policies and…
People who lend money to a firm and want to be paid back (ie…
People who invest in a firm and want their investments to inc…
Protect investors by improving accuracy and reliability of co…
Stakeholders
All the people who stand to gain or lose by the policies and…
Lenders
People who lend money to a firm and want to be paid back (ie…
27 terms
Accounting Vocabulary
Accounting
Accounting System
Financial Statement
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 formal report that shows what an individual owns, what an i…
Accounting
The process of planning, recording, analyzing, and interpreti…
Accounting System
A planned process designed to compile financial data and summ…
32 terms
Accounting Vocabulary
Accelerated Depreciation
Account
Account Balance
Accounts Payable
Accelerated depreciation is a depreciation method whereby lar…
A named entity to which debits and credits are posted. Each a…
Account balance is defined as the difference between the sum…
a liability account that tracks the sum of money a business o…
Accelerated Depreciation
Accelerated depreciation is a depreciation method whereby lar…
Account
A named entity to which debits and credits are posted. Each a…
27 terms
Accounting Vocabulary
Merchandise
Merchandising Business
Corporation
share of stock
goods that a business purchases to sell
a business that purchases and sells goods
an organization with the legal rights of a person and which m…
each unit of ownership in a corporation
Merchandise
goods that a business purchases to sell
Merchandising Business
a business that purchases and sells goods
22 terms
accounting vocabulary
account
equity
ethics
accounting
a record summarizing all the information pertaining to a sing…
financial rights to the assets of a business
the principles of right and wrong that guide an individual in…
planning, recording analyzing and interpreting financial info…
account
a record summarizing all the information pertaining to a sing…
equity
financial rights to the assets of a business
13 terms
Accounting Vocabulary
Accountant
Accounting Clerk
Audit
Certified public accountant
A person whose job is to keep or inspect financial accountants
Records transaction. Can vary from specializing in one part o…
Review of companies accounting systems and financial statemen…
An accountant who has a certain education and experience requ…
Accountant
A person whose job is to keep or inspect financial accountants
Accounting Clerk
Records transaction. Can vary from specializing in one part o…
27 terms
Accounting vocabulary
The process of planning, recording, an…
A planned process designed to compile…
Financial reports that summarize the f…
A formal report that shows what an ind…
Accounting
Accounting system
Financial statements
Net worth statement
The process of planning, recording, an…
Accounting
A planned process designed to compile…
Accounting system
22 terms
Accounting vocabulary
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…
22 terms
Accounting Vocabulary
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 activates
financial reports that summarize the financial conditions and…
Accounting
planning, recording, analyzing, and interpreting financial in…
Accounting System
a planned process for providing financial information that wi…
25 terms
Accounting Vocabulary
the process of planning, recording, an…
a planned process designed to compile…
financial reports that summarize the f…
a formal report that shows what an ind…
accounting
accounting system
financial statements
net worth statement
the process of planning, recording, an…
accounting
a planned process designed to compile…
accounting system
24 terms
Accounting II - Chapter 1 Vocabulary
petty cash
asset
purchase discount
liability
An amount of cash kept on hand and used for making small paym…
Anything of value that is owned.
A cash discount on purchases taken by a customer.
An amount owed by a business.
petty cash
An amount of cash kept on hand and used for making small paym…
asset
Anything of value that is owned.
316 terms
Accounting Vocabulary
account
accountant
accounting clerk
accounting cycle
a subdivision under assets, liabilities, or owners equity tha…
a person who handles a broad range of responsibilities, makes…
an entry-level job that can vary from specializing in one par…
activities performed in an accounting period that help the bu…
account
a subdivision under assets, liabilities, or owners equity tha…
accountant
a person who handles a broad range of responsibilities, makes…
8 terms
Accounting Vocabulary
ALOE
Asset
Liability
Net Worth
Asset, Liability, Owners, Equality
property owned by a person or company, regarded as having val…
the state of being responsible for something, especially by law
is a concept applicable to individuals and businesses as a ke…
ALOE
Asset, Liability, Owners, Equality
Asset
property owned by a person or company, regarded as having val…
9 terms
Accounting Vocabulary
Liabilities
Assets
Stockholders' Equity
Common Stock
Claims against assets. They are existing debts and obligations.
Resources owned by a business. They are used in carrying out…
The ownership claims on total assets. It is equal to total as…
A corporation may obtain funds by selling shares of stock to…
Liabilities
Claims against assets. They are existing debts and obligations.
Assets
Resources owned by a business. They are used in carrying out…
11 terms
Accounting vocabulary
Chart of accounts
Notes receivable (Increase In?)
Prepaid expense (II?)
Unearned Liability
A list of all of a companys accounts with their account numbers
A written promise that a customer will pay a fixed amount of…
A payment of expense in advance ... Debit increase in
A liability created when the business collects cash from cust…
Chart of accounts
A list of all of a companys accounts with their account numbers
Notes receivable (Increase In?)
A written promise that a customer will pay a fixed amount of…
13 terms
Accounting Vocabulary
Accounting
Accounting System
Accounting Records
Financial Statements
Planning, recording, analyzing, and interpreting financial in…
Planned process for providing financial information that will…
Organized summaries of a business's financial activities
Financial reports that summarize that financial condition and…
Accounting
Planning, recording, analyzing, and interpreting financial in…
Accounting System
Planned process for providing financial information that will…
228 terms
Accounting Vocabulary
account
account balance
accountant
accounting
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…
a language of business employed to communicate financial info…
account
a device for recording the changes (increases or decreases) i…
account balance
the difference between the total debits and the total credits…
18 terms
accounting vocabulary
Accounting equation
Financial statements
Accounts Receivable - AR
Accounting - ACCG
The accounting equation is expressed in the financial stateme…
Usually financial statements refer to the balance sheet, inco…
A current asset resulting from selling goods or services on c…
...
Accounting equation
The accounting equation is expressed in the financial stateme…
Financial statements
Usually financial statements refer to the balance sheet, inco…
48 terms
Accounting Vocabulary
Accounting
Financial Statements
Proprietorship
Asset
Planning, recording, interpreting, and analyzing financial info
Financial reports that summarize the financial conditions of…
Business owned by one person
Anything of Value
Accounting
Planning, recording, interpreting, and analyzing financial info
Financial Statements
Financial reports that summarize the financial conditions of…
25 terms
Accounting Vocabulary
Accounting equation:
Financial statements:
. Accounts Receivable - AR
Accounting - ACCG
Equity. For a nonprofit organization the accounting equation…
Usually financial statements refer to the balance sheet, inco…
A current asset resulting from selling goods or services on c…
A record in the general ledger that is used to collect and st…
Accounting equation:
Equity. For a nonprofit organization the accounting equation…
Financial statements:
Usually financial statements refer to the balance sheet, inco…
Accounting Vocabulary
Accounting
Accounting System
Accounting Records
Financial Statements
Planning, recording, analyzing, and interpereting financial i…
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 interpereting financial i…
Accounting System
a planned process for providing financial information that wi…
19 terms
Accounting Vocabulary
Account
Accounting Cycle
Accounting Equation
Adjusting Entries
A record of the increases and decreases of the amount of a sp…
Activities the business completes within the fiscal period
Assets = Liabilities + Stockholder's Equity
entries made to update certain accounts at the end of the fis…
Account
A record of the increases and decreases of the amount of a sp…
Accounting Cycle
Activities the business completes within the fiscal period
8 terms
Accounting 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…
228 terms
Accounting Vocabulary
account
account balance
accountant
accounting
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…
a language of business employed to communicate financial info…
account
a device for recording the changes (increases or decreases) i…
account balance
the difference between the total debits and the total credits…
17 terms
accounting vocabulary
Types of Accounts
Account Type 1: Short-term assets
Account Type 2: Long-term assets
Account Type 3: Liabilities
Các loại tài khoản kế toán
Loại tài khoản 1: Tài sản ngắn hạn
Loại tài khoản 2: Tài sản dài hạn
Loại tài khoản 3: Nợ phải trả
Types of Accounts
Các loại tài khoản kế toán
Account Type 1: Short-term assets
Loại tài khoản 1: Tài sản ngắn hạn
Accounting Vocabulary
Worksheet
Income Statement
Return on Sales
Income Summary
A working paper used to collect information from the ledger a…
A report of the net income or net loss for a specific period
A ratio that examines the portion of each sales dollar that r…
The general ledger account used to summarize the revenue and…
Worksheet
A working paper used to collect information from the ledger a…
Income Statement
A report of the net income or net loss for a specific period
27 terms
Accounting vocabulary
Account
Account balance
Account title
Accounting
A record that summarizes all the transactions pertaining to a…
The difference between the increases and decreases in an acco…
The name given to an account
The process of planning, recording, analyzing, and interpreti…
Account
A record that summarizes all the transactions pertaining to a…
Account balance
The difference between the increases and decreases in an acco…
27 terms
Accounting Vocabulary
Account
Account balance
Account title
Accounting
a record that summarizes all the transactions pertaining to a…
the difference between the increases and decreases in an acco…
the name given to an account
the process of planning, recording, analyzing, and interpreti…
Account
a record that summarizes all the transactions pertaining to a…
Account balance
the difference between the increases and decreases in an acco…
19 terms
Accounting Vocabulary
Recording and reporting a business's f…
The accounting equation is most often…
In the United States, recording busine…
In a T account, the debit side is ____…
Business Entry
Assets = Liabilities + Owner's Equity
Unit of Measurement
The left side
Recording and reporting a business's f…
Business Entry
The accounting equation is most often…
Assets = Liabilities + Owner's Equity
20 terms
Accounting Vocabulary
accounting
cycle
accounting equation
assets
the action or process of keeping financial accounts
the steps involved in accounting for all of the business acti…
the relationship between what is owned and what is owed by an…
A resource with economic value that an individual corporation…
accounting
the action or process of keeping financial accounts
cycle
the steps involved in accounting for all of the business acti…
22 terms
Accounting Vocabulary
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
63 terms
Accounting Vocabulary
Accounting Period
Accounting System
Business Entity
Capital
A period of time covered by an accounting report.
A systematic process of recording and reporting the financial…
Exists independently of its owners personal holdings. The acc…
Money supplied by investors, banks, or owners of a business.…
Accounting Period
A period of time covered by an accounting report.
Accounting System
A systematic process of recording and reporting the financial…
22 terms
Accounting Vocabulary
Accounting
Accounting System
Accounting Records
Service Business
Planning, recording, analyzing, 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/ service for a fee.
Accounting
Planning, recording, analyzing, and interpreting financial in…
Accounting System
A planned process for providing financial information that wi…
24 terms
Accounting Vocabulary
Current Assets
Fixed Assets
Cash
Internal Control
Assets on the balance sheet expected to be used in the near f…
Permanent assets a company is required to pay for year to year.
Money in the form of bills or coins.
Accounting policy to safeguard assets and avoid fraud.
Current Assets
Assets on the balance sheet expected to be used in the near f…
Fixed Assets
Permanent assets a company is required to pay for year to year.
12 terms
Accounting II Lesson 9 Vocabulary
promissory note
notes payable
date of a note
principal of a note
a written and signed promise to pay a sum of money at a speci…
promissory notes that a business accepts from customers
the day a note is issued
the original amount of a note
promissory note
a written and signed promise to pay a sum of money at a speci…
notes payable
promissory notes that a business accepts from customers
22 terms
Accounting: Vocabulary
Accounting
Accounting System
Accounting Records
Financial Statements
planning, recording, analyzing and interpretating financial i…
A planned process for providing financial information that wi…
Organized summaries of a business's financial activity.
Fianacial reports that summarize the financial condition and…
Accounting
planning, recording, analyzing and interpretating financial i…
Accounting System
A planned process for providing financial information that wi…
20 terms
Accounting Vocabulary
Service Business
Porprietorship
Asset
Equities
A business that performs an activity for a fee.
A business owned by one person.
Anything of value that is owned.
Financial rights to the assets of a business.
Service Business
A business that performs an activity for a fee.
Porprietorship
A business owned by one person.
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