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Accounting and Business Ethics: Vocabulary Review

This review covers the key vocabulary related to accounting and business ethics, including topics such as account balance, debit, expense, liability, financial statements, and ethics in decision making.

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Accounting and Business Ethics: Vocabulary Review

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  1. Accounting IChapters 1-8Vocabulary Review

  2. The amount in an account.

  3. business ethics • account balance • debit

  4. A record summarizing all the information pertaining to a single item in the accounting equation.

  5. expense • account • receipt

  6. The name given to an account.

  7. chart of accounts • liability • account title

  8. Planning, recording, analyzing, and interpreting financial information.

  9. double-entry accounting • memorandum • accounting

  10. An equation showing the relationship among assets, liabilities, and owner’s equity.

  11. accounting equation • normal balance • chart of accounts

  12. Organized summaries of a business’s financial activities.

  13. transaction • accounting records • financial statements

  14. A planned process for providing financial information that will be useful to management.

  15. accounting system • invoice • memorandum

  16. The account used to summarize the owner’s equity in a business.

  17. capital • asset • T account

  18. Anything of value that is owned.

  19. liability • asset • owner’s equity

  20. A decrease in owner’s equity resulting from the operation of a business.

  21. expense • withdrawals • owner’s equity

  22. The use of ethics in making business decisions.

  23. business ethics • normal balance • journalizing

  24. Financial rights to the assets of a business.

  25. sales invoice • sale on account • equities

  26. Financial reports that summarize the financial condition and operations of a business.

  27. receipt • financial statements • journalizing

  28. An amount owed by a business.

  29. debit • liability • invoice

  30. The amount remaining after the value of all liabilities is subtracted from the value of all assets.

  31. special amount column • normal balance • credit balance

  32. A business that performs an activity for a fee.

  33. credit • service business • Non-profit organization

  34. A business owned by one person.

  35. proprietorship • T account • cooperation

  36. An increase in owner’s equity resulting from the operation of a business.

  37. journalizing • revenue • ethics

  38. A sale for which cash will be received at a later date.

  39. sale on account • expense • proving cash

  40. A business activity that changes assets, liabilities, or owner’s equity.

  41. withdrawals • double-entry accounting • transaction

  42. Assets taken out of a business for the owner’s personal use.

  43. financial statements • withdrawals • deposits

  44. The principles of right and wrong that guide an individual in making decisions.

  45. financial statements • general amount column • ethics

  46. The side of the account that is increased.

  47. normal balance • credit balance • debit balance

  48. A list of accounts used by a business.

  49. chart of accounts • debit • sales invoice

  50. An amount recorded on the right side of a T account.

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