Relier Pairs Accounting Vocab Semester Final Practice (Ch. 1-8)Version en ligne Review for Semester Final par Andy Klepper 1 The difference between personal assets and personal liabilities. 2 An amount owed. 3 A planned process designed to compile financial data and summarize the results in accounting records and reports. 4 The difference between assets and liabilities. 5 A business owned by one person. 6 The principles of right and wrong that guide an individual in making decisions. 7 The process of planning, recording, analyzing, and interpreting financial information. 8 A formal report that shows what an individual owns, what an individual owes, and the difference between the two. 9 Anything of value that is owned. 10 Financial reports that summarize the financial condition and operations of a business. Liability Proprietorship Net Worth Statement Accounting Financial Statements Asset Equity Personal Net Worth Accounting System Ethics 1 Financial rights to the assets of a business. 2 The name given to an account. 3 A record that summarizes all the transactions pertaining to a single item in the accounting equation. 4 The use of ethics in making business decisions. 5 A business that performs an activity for a fee. 6 The standards and rules that accountants follow while recording and reporting financial activities. 7 An equation showing the relationship among assets, liabilities, and owner’s equity. 8 Any business activity that changes assets, liabilities, or owner’s equity. 9 The amount remaining after the value of all liabilities is subtracted from the value of all assets. 10 A formal written document that describes the nature of a business and how it will operate. Service Business Accounting Equation Business Ethics Account Title Account Equities Owner's Equity GAAP Transaction Business Plan 1 Assets taken from the business for the owner’s personal use. 2 A person or business to whom a liability is owed. 3 An account used to summarize the owner’s equity in a business. 4 A sale for which payment will be received at a later date. 5 An increase in equity resulting from the sale of goods or services. 6 The difference between the increases and decreases in an account. 7 An amount recorded on the right side of an account. 8 An amount recorded on the left side of an account. 9 An accounting device used to analyze transactions. 10 The cost of goods or services used to operate a business. Account Balance Expense Credit Capital Account Debit Revenue T Account Creditor Withdrawals Sale on Account 1 The side of an account that is increased is called the normal balance of the account. 2 The recording of debit and credit parts of a transaction. 3 Information for each transaction recorded in a journal. 4 A form for recording transactions in chronological order. 5 Amounts to be paid in the future for goods or services already acquired. 6 A list of accounts used by a business. 7 A business form ordering a bank to pay cash from a bank account. 8 Recording transactions in a journal. 9 Amounts to be received in the future due to the sale of goods or services. 10 A business paper from which information is obtained for a journal entry. Normal Balance Accounts Receivable Journalizing Entry Journal Chart of Accounts Source Document Check Double-Entry Accounting Accounts Payable 1 A form describing the goods or services sold, the quantity, the price, and the terms of sale. 2 An invoice used as a source document for recording a sale on account. 3 The number assigned to an account. 4 A group of accounts. 5 The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current. 6 Writing an account title and number on the heading of an account. 7 A business form giving written acknowledgement for cash received. 8 A form on which a brief message is written to describe a transaction. 9 Determining that the amount of cash agrees with the accounting records. 10 A ledger that contains all accounts needed to prepare financial statements. Receipt Memorandum Account Number Ledger Opening an Account Proving Cash Sales Invoice Invoice File Maintenance General Ledger 1 An endorsement restricting further transfer of a check’s ownership. 2 Transferring information from a journal entry to a ledger account. 3 A bank form which lists the checks, currency, and coins an account holder is adding to a bank account. 4 When the incorrect journal entry should be corrected with an additional journal entry 5 An endorsement consisting only of the endorser’s signature. 6 A bank account from which payments can be ordered by a depositor. 7 A signature or stamp on the back of a check transferring ownership. 8 A check with a future date on it. 9 An endorsement indicating a new owner of a check. 10 A check that cannot be processed because the maker has made it invalid. Blank Endorsement Endorsement Posting Voided Check Special Endorsement Deposit Slip Restrictive Endorsement Checking Account Postdated Check Correcting Entry 1 A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder. 2 An amount of cash kept on hand and used for making small payments. 3 A report of deposits, withdrawals, and bank balances sent to a depositor by a bank. 4 A form showing proof of a petty cash payment. 5 A check that a bank refuses to pay. 6 A petty cash on hand amount that is less than the recorded amount. 7 A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents. 8 A check which has been paid by the bank. 9 A petty cash on hand amount that is more than the recorded amount. 10 A check dishonored by the bank because of insufficient funds in the account of the maker of the check. Petty Cash Slip Debit Card Bank Statement NSF Check Electronic Funds Transfer Dishonored Check Canceled Check Cash Over Petty Cash Cash Short 1 Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period. 2 A financial statement showing the revenue and expenses for a fiscal period. 3 Reporting income when the cash is received and expenses when the cash is paid. 4 The length of time for which a business summarizes its financial information and reports its financial performance. 5 A columnar accounting form used to summarize the general ledger information needed to prepare financial statements. 6 A financial statement that reports assets, liabilities, and owner’s equity on a specific date. 7 Reporting income when earned and expenses when incurred. 8 A proof of the equality of debits and credits in a general ledger. 9 A fiscal period consisting of 12 consecutive months. 10 Cash paid for an expense in one fiscal period that is not used until a later period. Cash Basis of Accounting Trial Balance Fiscal Period Fiscal Year Work Sheet Accrual Basis of Accounting Adjustments Balance Sheet Income Statement Prepaid Expense 1 The area of accounting which focuses on reporting information to external users. 2 The ratio of net income to total sales. 3 A financial statement that reports the changes in the capital account for a proprietorship for a period of time 4 Any persons or groups who will be affected by an action. 5 A financial road map used by individuals and companies as a guide for spending and saving. 6 The difference between total revenue and total expenses when total revenue is greater. 7 The area of accounting that focuses on reporting information to internal users. 8 Journal entries recorded to update general ledger accounts at the end of a fiscal period. 9 A comparison between two components of financial information. 10 The difference between total revenue and total expenses when total revenue is greater. Financial Accounting Return on Sales (ROS) Statement of Owner's Equity Managerial Accounting Financial Ratio Net Income Stakeholders Budget Adjusting Entries Net Loss 1 Financial statements providing information for a time period shorter than the fiscal year. 2 A trial balance prepared after the closing entries are posted. 3 A negative balance that remains after total expenses are subtracted from total income. 4 The series of accounting activities included in recording financial information for a fiscal period. 5 The calculation and interpretation of a financial ratio. 6 Journal entries used to prepare temporary accounts for a new fiscal period. 7 Accounts used to accumulate information from one fiscal period to the next. 8 A positive balance that remains after total expenses are subtracted from total income. 9 Reporting an amount on a financial statement as a percentage of another item on the same financial statement. Permanent Accounts Surplus Closing Entries Interim Financial Statements Ratio Analysis Post-Closing Trial Balance Deficit Vertical Analysis Accounting Cycle
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