Untitled Quiz

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

Organized summaries of a business' financial activities.

<p>A business that performs an activity for a fee.</p> Signup and view all the answers

<p>A business owned by one person.</p> Signup and view all the answers

<p>Anything of value that is owned.</p> Signup and view all the answers

<p>Financial rights to the assets of a business.</p> Signup and view all the answers

<p>An amount owed by a business.</p> Signup and view all the answers

<p>The amount remaining after the value of all liabilities is subtracted from the value of all assets.</p> Signup and view all the answers

<p>An equation showing the relationship among assets, liabilities, and owner's equity.</p> Signup and view all the answers

<p>A business activity that changes assets, liabilities, or owner's equity.</p> Signup and view all the answers

<p>A record summarizing all the information pertaining to a single item in the accounting equation.</p> Signup and view all the answers

<p>The name given to an account.</p> Signup and view all the answers

<p>The amount in an account.</p> Signup and view all the answers

<p>The account used to summarize the owner's equity in a business.</p> Signup and view all the answers

<p>A financial statement that reports assets, liabilities, and owner's equity on a specific date.</p> Signup and view all the answers

<p>An increase in owner's equity resulting from the operation of a business.</p> Signup and view all the answers

<p>A sale for which cash will be received at a later date.</p> Signup and view all the answers

<p>A decrease in owner's equity resulting from the operation of a business.</p> Signup and view all the answers

<p>Assets taken out of a business for the owner's personal use.</p> Signup and view all the answers

<p>An accounting device used to analyze transactions.</p> Signup and view all the answers

<p>An amount recorded on the left side of a T account.</p> Signup and view all the answers

<p>An amount recorded on the right side of a T account.</p> Signup and view all the answers

<p>The side of the account that is increased.</p> Signup and view all the answers

<p>A list of accounts used by a business.</p> Signup and view all the answers

<p>A form for recording transactions in chronological order.</p> Signup and view all the answers

<p>Recording transactions in a journal.</p> Signup and view all the answers

<p>Information for each transaction recorded in a journal.</p> Signup and view all the answers

<p>A journal with two amount columns in which all kinds of entries can be recorded.</p> Signup and view all the answers

<p>The recording of debit and credit parts of a transaction.</p> Signup and view all the answers

<p>A business paper from which information is obtained for a journal entry.</p> Signup and view all the answers

<p>A business form ordering a bank to pay cash from a bank account.</p> Signup and view all the answers

<p>A form describing the goods or services sold, the quantity, and the price.</p> Signup and view all the answers

<p>An invoice used as a source document for recording a sale on account.</p> Signup and view all the answers

<p>A business form giving written acknowledgement for cash received.</p> Signup and view all the answers

<p>A form on which a brief message is written describing a transaction.</p> Signup and view all the answers

<p>A group of accounts.</p> Signup and view all the answers

<p>A ledger that contains all accounts needed to prepare financial statements.</p> Signup and view all the answers

<p>The number assigned to an account.</p> Signup and view all the answers

<p>The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current.</p> Signup and view all the answers

<p>Writing an account title and number on the heading of an account.</p> Signup and view all the answers

<p>Transferring information from a journal entry to a ledger account.</p> Signup and view all the answers

<p>Determining that the amount of cash agrees with the balance of the cash account in the accounting records.</p> Signup and view all the answers

<p>A journal entry made to correct an error in the ledger.</p> Signup and view all the answers

<p>A bank account from which payments can be ordered by a depositor.</p> Signup and view all the answers

<p>A signature or stamp on the back of a check transferring ownership.</p> Signup and view all the answers

<p>An endorsement consisting only of the endorser's signature.</p> Signup and view all the answers

<p>An endorsement indicating a new owner of a check.</p> Signup and view all the answers

<p>An endorsement restricting further transfer of a check's ownership.</p> Signup and view all the answers

<p>A check with a future date on it.</p> Signup and view all the answers

<p>A report of deposits, withdrawals, and bank balances sent to a depositor by a bank.</p> Signup and view all the answers

<p>A check that a bank refuses to pay.</p> Signup and view all the answers

<p>A computerized cash payments system that uses electronic pulses to transfer funds.</p> Signup and view all the answers

<p>A bank card that, when making purchases, automatically deducts the amount of the purchase from the checking account of the cardholder.</p> Signup and view all the answers

<p>An amount of cash kept on hand and used for making small payments.</p> Signup and view all the answers

<p>A form showing proof of a petty cash payment.</p> Signup and view all the answers

<p>The length of time for which a business summarizes and reports financial information.</p> Signup and view all the answers

<p>A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.</p> Signup and view all the answers

<p>A proof of the equality of debits and credits in a general ledger.</p> Signup and view all the answers

<p>Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period.</p> Signup and view all the answers

<p>A financial statement showing the revenue and expenses for a fiscal period.</p> Signup and view all the answers

<p>The difference between total revenue and total expenses when total revenue is greater.</p> Signup and view all the answers

<p>The difference between total revenue and total expenses when total expenses is greater.</p> Signup and view all the answers

<p>The percentage relationship between one financial statement item and the total that includes that item.</p> Signup and view all the answers

<p>Journal entries recorded to update general ledger accounts at the end of a fiscal period.</p> Signup and view all the answers

<p>Accounts used to accumulate information from one fiscal period to the next.</p> Signup and view all the answers

<p>Accounts used to accumulate information until it is transferred to the owner's capital account.</p> Signup and view all the answers

<p>Journal entries used to prepare temporary accounts for a new fiscal period.</p> Signup and view all the answers

<p>A trial balance prepared after the closing entries are posted.</p> Signup and view all the answers

<p>The series of accounting activities included in recording financial information for a fiscal period.</p> Signup and view all the answers

<p>Changes in financial information are reported for a specific period of time in the form of financial statements.</p> Signup and view all the answers

<p>Financial statements contain all information necessary to understand a business' financial condition.</p> Signup and view all the answers

<p>Financial information is recorded and reported separately from the owner's personal financial information.</p> Signup and view all the answers

<p>The same accounting procedures are followed in the same way in each accounting period.</p> Signup and view all the answers

<p>Financial statements are prepared with the expectation that a business will remain in operation indefinitely.</p> Signup and view all the answers

<p>Revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period.</p> Signup and view all the answers

<p>A source document is prepared for each transaction.</p> Signup and view all the answers

<p>Business transactions are stated in numbers that have common values; that is, using a common unit of measure.</p> Signup and view all the answers