Accounting I
Chapters 1-3
Vocabulary Review
The amount in an account.
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business ethics
account balance
debit
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A record summarizing all
the information
pertaining to a single
item in the accounting
equation.
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expense
account
receipt
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The name given to an
account.
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chart of accounts
liability
account title
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Planning, recording,
analyzing, and
interpreting financial
information.
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double-entry accounting
memorandum
accounting
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An equation showing the
relationship among
assets, liabilities, and
owner’s equity.
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accounting equation
normal balance
chart of accounts
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Organized summaries of
a business’s financial
activities.
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transaction
accounting records
financial statements
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A planned process for
providing financial
information that will be
useful to management.
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accounting system
invoice
memorandum
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The account used to
summarize the owner’s
equity in a business.
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capital
asset
T account
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Anything of value that is
owned.
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liability
asset
owner’s equity
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A decrease in owner’s
equity resulting from
the operation of a
business.
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expense
withdrawals
owner’s equity
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The use of ethics in
making business
decisions.
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business ethics
normal balance
journalizing
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Financial rights to the
assets of a business.
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sales invoice
sale on account
equities
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Financial reports that
summarize the financial
condition and
operations of a
business.
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receipt
financial statements
journalizing
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An amount owed by a
business.
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debit
liability
invoice
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The amount remaining
after the value of all
liabilities is subtracted
from the value of all
assets.
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special amount column
normal balance
credit balance
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A business that performs
an activity for a fee.
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credit
service business
Non-profit organization
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A business owned by
one person.
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proprietorship
T account
cooperation
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An increase in owner’s
equity resulting from
the operation of a
business.
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journalizing
revenue
ethics
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A sale for which cash will
be received at a later
date.
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sale on account
expense
proving cash
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A business activity that
changes assets,
liabilities, or owner’s
equity.
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withdrawals
double-entry accounting
transaction
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Assets taken out of a
business for the
owner’s personal use
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financial statements
withdrawals
deposits
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The principles of right
and wrong that guide
an individual in making
decisions.
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financial statements
general amount column
ethics
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The side of the account
that is increased.
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normal balance
credit balance
debit balance
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A list of accounts used
by a business.
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chart of accounts
debit
sales invoice
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An amount recorded on
the right side of a T
account.
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debit
deposit
credit
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An amount recorded on
the left side of a T
account.
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credit
debit
account balance
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An accounting device
used to analyze
transactions.
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special amount column
T account
source document
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A business form ordering
a bank to pay cash
from a bank account.
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deposit slip
memo
check
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Determining that the
amount of cash agrees
with the accounting
records.
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proprietorship
proving cash
credit
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A journal amount column
that is not headed with
an account title.
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chart of accounts
general amount column
special amount column
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The recording of debit
and credit parts of a
transaction.
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double-entry accounting
proving cash
accounting
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A form for recording
transactions in
chronological order.
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checkbook
source document
journal
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Recording transactions
in a journal.
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correcting
journalizing
double-entry accounting
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A form on which a brief
message is written
describing a
transaction.
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memorandum
invoice
sales invoice
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A journal amount column
headed with an
account title.
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T-account
normal balance
special amount column
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A business form giving
written acknowledgement
for cash received.
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normal balance
check
receipt
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A business paper from
which information is
obtained for a journal
entry.
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transaction
source document
memo
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CORRECT!!!!
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SORRY!!
WRONG!
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