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Definition
| a record summarizing all the information pertaining to a single item in the accounting equation |
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Definition
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Definition
| the number assigned to an account |
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Definition
| the name given to an account |
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Definition
| the series of accounting activities included in recording financial information for a fiscal period |
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Term
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Definition
| assets equals liabilities plus owner's equity |
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Term
| accounting period cycle concept |
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Definition
| changes in financial information is reported for a specific period of time in the form of financial statements |
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Definition
| an organized summary of a business's financial activities |
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Term
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Definition
| a planned process or providing financial information that will be used to manage an account |
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| adequate disclosure concept |
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Definition
| financial statements that contain all information necessary to understand a business's financial condition |
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Term
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Definition
| journal entries recorded to update general ledger accounts at the end of a fiscal period |
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Definition
| changes recorded to a work sheet |
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Definition
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Term
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Definition
| a financial statement that reports assets, liabilities, and owner’s equity on a specific date |
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Term
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Definition
| financial information is recorded and reported separately from the owner’s personal financial information |
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Term
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Definition
| the account used to summarize the owner’s equity in a business |
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Term
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Definition
| a list of accounts used by a business |
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Term
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Definition
| journal entries used to prepare temporary accounts for a new fiscal period |
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Term
| consistent reporting concept |
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Definition
| the same accounting procedures are followed in the dame way in each accounting period |
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Term
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Definition
| a journal entry made to correct an error in a ledger |
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Term
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Definition
| an entry to the right side of a T account |
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Term
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Definition
| an amount entered on the left side of a T account |
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Term
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Definition
| financial rights to the assets of a business |
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Term
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Definition
| the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current |
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Term
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Definition
| the length of time for which a business summarizes and reports financial information |
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Term
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Definition
| a ledger that contains all accounts needed to prepare financial information |
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Term
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Definition
| financial statements are prepared with the expectation that a business will remain in operation |
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Term
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Definition
| a financial statement showing the revenue and total expenses for a fiscal period |
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Term
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Definition
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Term
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Definition
| an amount owed by a business |
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Term
| matching expenses with revenue concept |
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Definition
| revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period. |
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Term
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Definition
| the difference between total revenue and total expenses when total revenue is greater |
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Term
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Definition
| the difference between total revenue and total expenses when total revenue is greater |
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Term
| objective evidence concept |
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Definition
| a source document is prepared for each transaction |
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Term
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Definition
| writing the account title and number on the heading of an account |
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Term
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Definition
| the amount remaining after the value of all liabilities subtracted from the value of all assets |
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Term
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Definition
| accounts used to accumulate information from one fiscal period to the next |
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Term
| post-closing trial balance |
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Definition
| a trial balance prepared after the closing entries are posted |
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Term
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Definition
| transferring information from a journal entry to a ledger account |
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Term
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Definition
| a business owned by one person |
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Term
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Definition
| accounts used to accumulate information until it is transferred to the owner’s capital account |
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Term
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Definition
| a business activity that changes assets, liabilities, or owner’s equity |
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Term
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Definition
| a proof of the equality of debits and credits in a general ledger |
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Term
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Definition
| a columnar accounting form used to summarize the general ledger information needed to prepare financial statements |
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