Term
|
Definition
| what the owner is actually worth |
|
|
Term
|
Definition
| The difference between total revenue and total expenses when total revenue is greater |
|
|
Term
|
Definition
| A business paper from which information is obtained for a journal |
|
|
Term
|
Definition
| Statement that reports assets, liabilities, and owner’s equity on a specific date |
|
|
Term
|
Definition
| a report of deposits, withdrawals, and bank balances sent to a depositor by a bank |
|
|
Term
|
Definition
| An amount owed by a business |
|
|
Term
|
Definition
| The length of time in which a business summarizes and reports financial information |
|
|
Term
| Post-closing Trial Balance |
|
Definition
| A trial balance prepared after the closing entries are posted |
|
|
Term
|
Definition
| A columnar accounting form used to summarize the general ledger information needed to prepare financial statements |
|
|
Term
|
Definition
| An amount of cash kept on hand and used for making small payments |
|
|
Term
|
Definition
| Anything of value that is owned |
|
|
Term
|
Definition
| Restricts further transfer of a check’s ownership. |
|
|
Term
|
Definition
| Assets = Liabilities + Owner’s Equity |
|
|
Term
|
Definition
| Consists only of the endorser’s signature |
|
|
Term
|
Definition
| A ledger that contains all accounts needed to prepare financial statements |
|
|
Term
|
Definition
| An increase in owner’s equity resulting from the operation of a business |
|
|
Term
|
Definition
| A list of accounts used by a business |
|
|
Term
|
Definition
| A decrease in owner’s equity resulting in operation of a business |
|
|
Term
|
Definition
| A proof of the equality of debits and credits in general ledger |
|
|
Term
|
Definition
| Transferring information from a journal entry to a ledger account |
|
|
Term
|
Definition
| Assets taken out of a business for owner’s personal use |
|
|
Term
|
Definition
| A business that purchases and sells goods |
|
|
Term
|
Definition
| The total shares of ownership in a corporation |
|
|
Term
|
Definition
| The total earnings paid to an employee after payroll taxes and other deductions |
|
|
Term
|
Definition
| Is applied when changes in financial information are reported for a specific period of time in the form of financial statements. |
|
|
Term
|
Definition
| A financial statement showing the revenue and expenses for a fiscal period |
|
|
Term
|
Definition
| Recording transactions in a journal |
|
|
Term
|
Definition
| Accounts used to accumulate information from one fiscal period to the next |
|
|
Term
|
Definition
| Planning, recording, analyzing, and interpreting financial information |
|
|
Term
|
Definition
| Indicates new owner of check |
|
|
Term
|
Definition
| A journal used to record only one kind of transaction such as purchases journal |
|
|
Term
|
Definition
| Accounts used to accumulate information until it is transferred to the owner’s capital account |
|
|
Term
|
Definition
| A special journal used to record only cash payment transactions |
|
|
Term
|
Definition
| An organization with the legal rights of a person in which may be owned by many persons |
|
|
