Accounting Mid-Term Terminology Review

A financial statement that reports assets, liabilities, and owner’s equity on a specific date.

Transferring information from a journal entry to a ledger account.

The side of an account that is increased is called the

A business paper from which information is obtained for a journal entry

Determining that the amount of cash agrees with the accounting records.

The recording of debit and credit parts of a transaction.

Writing an account title and number on the heading of an account.

A list of accounts used by a business.

Standards and rules that accountants follow while recording and reporting financial activities.

A ledger that contains all accounts needed to prepare financial statements.

A business owned by one person.

A check with a future date on it.

The length of time for which a business summarizes its financial information and reports

A form on which a brief message is written to describe a transaction.

People who combine accounting and investigating skills to uncover fraudulent business activity

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

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

An accounting device used to analyze transactions.

An endorsement restricting further transfer of a check’s ownership.

A proof of the equality of debits and credits in a general ledger.

The difference between total revenue and total expenses when total revenue is greater.

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

A signature or stamp on the back of a check transferring ownership.

Record that summarizes all transactions pertaining to a single item in the accounting equation

The difference between the increases and decreases in an account.

The difference between total revenue and total expenses when total expenses are greater

A form for recording transactions in chronological order.

An amount remaining after the value of liabilities is subtracted from the value of assets.

A financial statement showing the revenue and expenses for a fiscal period.

The cost of goods or services used to operate a business.

The number assigned to an account.

A formal written document that describes the nature of a business and how it will operate.

A business form ordering a bank to pay cash from a bank account.

Amounts to be paid in the future for goods or services already acquired.

A check which has been paid by the bank.

A check that cannot be processed because the maker has made it invalid.

Journal entries recorded to update general ledger accounts at the end of a fiscal period.

A bank form listing checks, currency, and coins an account holder is adding to a bank account.

A form describing the goods or services sold, the quantity, the price, and the terms of sale.

Cash paid for an expense in one fiscal period that is not used until a later period.