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Accounting I Chapters 1-5 Vocabulary Review. The amount in an account. business ethics account balance debit. Please click on the arrow to advance to the next slide…. A record summarizing all the information pertaining to a single item in the accounting equation.
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business ethics • account balance • debit Please click on the arrow to advance to the next slide…
A record summarizing all the information pertaining to a single item in the accounting equation. Please click on the arrow to advance to the next slide…
expense • account • receipt Please click on the arrow to advance to the next slide…
The name given to an account. Please click on the arrow to advance to the next slide…
chart of accounts • liability • account title Please click on the arrow to advance to the next slide…
Planning, recording, analyzing, and interpreting financial information. Please click on the arrow to advance to the next slide…
double-entry accounting • memorandum • accounting Please click on the arrow to advance to the next slide…
An equation showing the relationship among assets, liabilities, and owner’s equity. Please click on the arrow to advance to the next slide…
accounting equation • normal balance • chart of accounts Please click on the arrow to advance to the next slide…
Organized summaries of a business’s financial activities. Please click on the arrow to advance to the next slide…
transaction • accounting records • financial statements Please click on the arrow to advance to the next slide…
A planned process for providing financial information that will be useful to management. Please click on the arrow to advance to the next slide…
accounting system • invoice • memorandum Please click on the arrow to advance to the next slide…
The account used to summarize the owner’s equity in a business. Please click on the arrow to advance to the next slide…
capital • asset • T account Please click on the arrow to advance to the next slide…
Anything of value that is owned. Please click on the arrow to advance to the next slide…
liability • asset • owner’s equity Please click on the arrow to advance to the next slide…
A decrease in owner’s equity resulting from the operation of a business. Please click on the arrow to advance to the next slide…
expense • withdrawals • owner’s equity Please click on the arrow to advance to the next slide…
The use of ethics in making business decisions. Please click on the arrow to advance to the next slide…
business ethics • normal balance • journalizing Please click on the arrow to advance to the next slide…
Financial rights to the assets of a business. Please click on the arrow to advance to the next slide…
sales invoice • sale on account • equities Please click on the arrow to advance to the next slide…
Financial reports that summarize the financial condition and operations of a business. Please click on the arrow to advance to the next slide…
receipt • financial statements • journalizing Please click on the arrow to advance to the next slide…
An amount owed by a business. Please click on the arrow to advance to the next slide…
debit • liability • invoice Please click on the arrow to advance to the next slide…
The amount remaining after the value of all liabilities is subtracted from the value of all assets. Please click on the arrow to advance to the next slide…
special amount column • normal balance • credit balance Please click on the arrow to advance to the next slide…
A business that performs an activity for a fee. Please click on the arrow to advance to the next slide…
credit • service business • Non-profit organization Please click on the arrow to advance to the next slide…
A business owned by one person. Please click on the arrow to advance to the next slide…
proprietorship • T account • cooperation Please click on the arrow to advance to the next slide…
An increase in owner’s equity resulting from the operation of a business. Please click on the arrow to advance to the next slide…
journalizing • revenue • ethics Please click on the arrow to advance to the next slide…
A sale for which cash will be received at a later date. Please click on the arrow to advance to the next slide…
sale on account • expense • proving cash Please click on the arrow to advance to the next slide…
A business activity that changes assets, liabilities, or owner’s equity. Please click on the arrow to advance to the next slide…
withdrawals • double-entry accounting • transaction Please click on the arrow to advance to the next slide…
Assets taken out of a business for the owner’s personal use. Please click on the arrow to advance to the next slide…
financial statements • withdrawals • deposits Please click on the arrow to advance to the next slide…
The principles of right and wrong that guide an individual in making decisions. Please click on the arrow to advance to the next slide…
financial statements • general amount column • ethics Please click on the arrow to advance to the next slide…
The side of the account that is increased. Please click on the arrow to advance to the next slide…
normal balance • credit balance • debit balance Please click on the arrow to advance to the next slide…
A list of accounts used by a business. Please click on the arrow to advance to the next slide…
chart of accounts • debit • sales invoice Please click on the arrow to advance to the next slide…
An amount recorded on the right side of a T account. Please click on the arrow to advance to the next slide…
