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Accounting vocab
| Term | Definition |
|---|---|
| Planning, recording, analyzing, and interpreting financial information. | Accounting |
| A planned process for providing financial information that will be useful to management. | Accounting system |
| Organized summaries of a business's financial activities. | Accounting records |
| Financial reports that summarize the financial condition and operations of a business. | Financial statements |
| A business that performs an activity for a fee. | Service business |
| A business owned by one person. | Proprietorship |
| Anything of value that is owned. | Asset |
| Financial rights to the assets of a business. | Equities |
| An amount owed by a business. | Liability |
| The amount remaining after the value of all liabilities is subtracted from the value of all assets. | Owner's equity |
| The equation showing the relationship among assets, liabilities, and owner's equity. | Accounting equation |
| The principles of right and wrong that guide an individual in making decisions. | Ethics |
| The use of ethics in making business decisions. | Business ethics |
| A business activity that changes assets, liabilities, or owner's equity. | Transaction |
| A record summarizing all the information pertaining to a single item in the accounting equation. | Account |
| The name given to an account. | Account title |
| The amount in an account. | Account balance |
| The account used to summarize the owner's equity in a business. | Capital |
| An increase in owner's equity resulting from the operation of a business. | Revenue |
| A sale for which cash will be received at a later date. | Sale on account |
| A decrease in owner's equity resulting from the operation of a business. | Expense |
| Assets taken out of a business for the owner's personal use. | Withdrawals |
| Accounting device used to analyze transactions. | T-account |
| Recorded on the left side. | Debit |
| Recorded on the right side. | Credit |
| Side that increases on a T-account. | Normal balance |
| A form for recording transactions in chronological order. | Journal |
| Recording transactions in a journal. | Journalizing |
| A journal amount column headed with an account title. | Special amount column |
| A journal amount column that is not headed with an account title. | General amount column |
| Information for each transaction recorded in a journal. | Entry |
| The recording of debit and credit parts of a transaction. | Double-entry accounting |
| A business paper from which information is obtained for a journal entry. | Source document |
| A business form ordering a bank to pay cash from a bank account. | Check |
| A form describing the goods or services sold, the quantity, and the price. | Invoice |
| An invoice used as a source document for recording a sale on sale account. | Sales invoice |
| A business form giving written acknowledgement for cash received. | Recipt |
| A form on which a brief message is written describing a transaction. | Memorandum |
| Determining that the amount of cash agrees with the accounting records. | Providing cash |
| A statement that guides the ethical behavior of a company and its employees. | Code of conduct |
| A bank account from which payments can be ordered by a depositor. | Checking account |
| A signature or stamp on the back of a check, transferring ownership. | Endorsement |
| An endorsement consisting only of the endorser's signature. | Blank endorsement |
| An endorsement indicating a new owner of a check. | Special endorsement |
| An endorsement restricting further transfer of a check's ownership. | Restrictive endorsement |
| A check that a bank refuses to pay. | Dishonored check |
| A report of depositions, withdrawals, and bank balances sent to a depositor by a bank. | Bank statements |
| A check with a future date on it. | Postdated check |
| A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents. | Electronic funds transfer |
| A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder. | Debit card |
| An amount of cash kept on hand and used for making small payments. | Petty cash |
| A form showing proof of a petty cash payment. | Petty cash slip |
| Journal entries recorded to update general ledger accounts at the end of a fiscal period. | Adjusting entries |
| Accounts used to accumulate information from one fiscal period to the next. | Permanent accounts |
| Journal entries used to prepare temporary accounts for a new fiscal period. | Closing entries |
| Show changes in the owner's capital for a single fiscal period. | Temporary account |
| A trial balance prepared after the closing entries are posted. | Post-closing trial balance |
| The series of accounting activities included in recording financial information for a fiscal period. | Accounting cycle |
Created by:
Valire
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