Accounting I Chapters 1-5 Vocabulary Review. The amount in an account

Accounting IChapters 1-5Vocabulary Review

The amount in an account.

business ethics account balance debit

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A record summarizing all the information pertaining

to a single item in the accounting equation.



expense account receipt



The name given to an account.



chart of accounts liability account title



Planning, recording, analyzing, and

interpreting financial information.



double-entry accounting memorandum accounting



An equation showing the relationship among assets,

liabilities, and owner’s equity.



accounting equation normal balance chart of accounts



Organized summaries of a business’s financial

activities.



transaction accounting records financial statements



A planned process for providing financial

information that will be useful to management.



accounting system invoice memorandum



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



capital asset T account



Anything of value that is owned.



liability asset owner’s equity



A decrease in owner’s equity resulting from the operation

of a business.



expense withdrawals owner’s equity



The use of ethics in making business decisions.



business ethics normal balance journalizing



Financial rights to the assets of a business.



sales invoice sale on account equities



Financial reports that summarize the financial

condition and operations of a business.



receipt financial statements journalizing



An amount owed by a business.



debit liability invoice



The amount remaining after the value of all liabilities is

subtracted from the value of all assets.



special amount column normal balance credit balance



A business that performs an activity for a fee.



credit service business Non-profit organization



A business owned by one person.



proprietorship T account cooperation



An increase in owner’s equity resulting from the operation

of a business.



journalizing revenue ethics



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



sale on account expense proving cash



A business activity that changes assets, liabilities, or

owner’s equity.



withdrawals double-entry accounting transaction



Assets taken out of a business for the owner’s

personal use.



financial statements withdrawals deposits



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

decisions.



financial statements general amount column ethics



The side of the account that is increased.



normal balance credit balance debit balance



A list of accounts used by a business.



chart of accounts debit sales invoice



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



debit deposit credit



An amount recorded on the left side of a T account.



credit debit account balance



An accounting device used to analyze transactions.



special amount column T account source document



A business form ordering a bank to pay cash from a

bank account.



deposit slip memo check



Determining that the amount of cash agrees with the

accounting records.



proprietorship proving cash credit



A journal amount column that is not headed with an

account title.



chart of accounts general amount column special amount column



The recording of debit and credit parts of a transaction.



double-entry accounting proving cash accounting



A form for recording transactions in chronological

order.



checkbook source document journal



Recording transactions in a journal.



correcting journalizing double-entry accounting



A form on which a brief message is written

describing a transaction.



memorandum invoice sales invoice



A journal amount column headed with an account title.



T-account normal balance special amount column



A business form giving written acknowledgement for cash

received.



normal balance check receipt



A business paper from which information is obtained for a

journal entry.



transaction source document memo



The number assigned to an account.



chart of accounts account number check number



An additional journal entry, used to correct an incorrect

journal entry.



transaction general journal entry correcting entry



A ledger that contains all accounts needed to prepare

financial statements.



general ledger general journal work sheet



Transferring information from a journal entry to a ledger

account.



adjusting an entry posting proving cash



A report of deposits, withdrawals, and bank

balances sent to a depositor by a bank.



bank statement deposit slip check



An endorsement consisting only of the endorser’s

signature.



full endorsement blank endorsement special endorsement



A bank card that automatically deducts the amount of a

purchase from the checking account of the cardholder.



debit card birthday card gift card



A check that a bank refuses to pay.



dishonored check certified check paycheck



An amount of cash kept on hand and used for making small

payments.



checking account balance petty cash piggy bank cash



A check with a future date on it.



postdated check dishonored check blank check



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Accounting I Chapters 1-5 Vocabulary Review. The amount in an account