Chapter 3/4 Vocab

Bob Cui
Flashcards by Bob Cui, updated more than 1 year ago
Bob Cui
Created by Bob Cui over 7 years ago
50
1

Description

Accounting Flashcards on Chapter 3/4 Vocab, created by Bob Cui on 09/23/2013.

Resource summary

Question Answer
A specially ruled page used to record financial changes. There is one for each different item affecting the financial position. account
The value of an account showing the dollar amount and an indication as to whether it is a debit or a credit value. account balance
All the changes in the accounts caused by one business transaction, expressed in terms of debits and credits. The total of the debit amounts will equal the total of the credit amounts. accounting entry
A financial event that changes the values in certain accounts and therefore affects the financial position of the business. business transaction
To record an amount on the right-hand side of an account. credit
To record an amount on the left-hand side of an account. debit
The system of accounting in general use in which every transaction is recorded both as a debit in one or more accounts and as a credit in one or more accounts. double entry system of accounting
A state in which the total value of all the accounts (or columns in a journal) with debit balances is equal to the total value of all the credit balances. in balance
A group or file of accounts that can be stored as pages in a book, as cards in a tray, as tape on a reel, or magnetically on disk. ledger
Accounting will be recorded on the basis of objective evidence (source documents) not personal opinion or feelings. objectivity principle
An item purchased or sold that is not paid for at the time; money received or paid to reduce an amount owed. on account
A state in which the total value of all the accounts (or columns in a journal) with debit balances does not equal the total value of all the credit balances. out of balance
Tiny pencil-figure totals used in accounts and journals. pin totals / pencil footings
A business paper, such as an invoice, that is the original record of a transaction and that provides the information needed when accounting for the transaction. source document
The process of comparing the total value of the debit accounts with the total value of the credit accounts in a ledger. taking off a trial balance
A special listing of all the account balances in a ledger, the purpose of which is to see if the dollar value of the accounts with debit balances is equal to the dollar value of the accounts with credit balances. trial balance
Show full summary Hide full summary

Similar

CPA Exam Topics and breakdown
joemontin
CPA Exam Flashcards
joemontin
CPA Exam Sample Questions Pt. 1
nedtuohy
Accounting Definitions
Tess Morris
Accounting I - Objective 2 Keller
Kathleen Keller
Exam Bank 2
Valek
Specific Order Costing
Natalie Gray
COSTING SYSTMES
Francia o
Glossary of Accounting Terms
racheloucks
Unit 4 The Accounting Cycle
a.j.hemphill
ACC 101 Midterm Practice Exam # 1
smjackson7