Relacionar Columnas Accounting Vocab Semester Final Practice (Ch. 1-8)Versión en línea Review for Semester Final por Andy Klepper 1 A planned process designed to compile financial data and summarize the results in accounting records and reports. 2 Financial reports that summarize the financial condition and operations of a business. 3 The principles of right and wrong that guide an individual in making decisions. 4 A business owned by one person. 5 Anything of value that is owned. 6 The difference between assets and liabilities. 7 The process of planning, recording, analyzing, and interpreting financial information. 8 The difference between personal assets and personal liabilities. 9 A formal report that shows what an individual owns, what an individual owes, and the difference between the two. 10 An amount owed. Financial Statements Ethics Liability Net Worth Statement Proprietorship Asset Accounting Equity Personal Net Worth Accounting System 1 A formal written document that describes the nature of a business and how it will operate. 2 The standards and rules that accountants follow while recording and reporting financial activities. 3 The name given to an account. 4 An equation showing the relationship among assets, liabilities, and owner’s equity. 5 A record that summarizes all the transactions pertaining to a single item in the accounting equation. 6 A business that performs an activity for a fee. 7 The use of ethics in making business decisions. 8 Financial rights to the assets of a business. 9 The amount remaining after the value of all liabilities is subtracted from the value of all assets. 10 Any business activity that changes assets, liabilities, or owner’s equity. Service Business Account Business Ethics Owner's Equity Equities GAAP Transaction Account Title Business Plan Accounting Equation 1 An accounting device used to analyze transactions. 2 A sale for which payment will be received at a later date. 3 An amount recorded on the left side of an account. 4 A person or business to whom a liability is owed. 5 The difference between the increases and decreases in an account. 6 An account used to summarize the owner’s equity in a business. 7 An increase in equity resulting from the sale of goods or services. 8 The cost of goods or services used to operate a business. 9 Assets taken from the business for the owner’s personal use. 10 An amount recorded on the right side of an account. Creditor T Account Revenue Debit Sale on Account Expense Withdrawals Capital Account Credit Account Balance 1 A business form ordering a bank to pay cash from a bank account. 2 Amounts to be received in the future due to the sale of goods or services. 3 The recording of debit and credit parts of a transaction. 4 Information for each transaction recorded in a journal. 5 A list of accounts used by a business. 6 A form for recording transactions in chronological order. 7 The side of an account that is increased is called the normal balance of the account. 8 Amounts to be paid in the future for goods or services already acquired. 9 A business paper from which information is obtained for a journal entry. 10 Recording transactions in a journal. Accounts Payable Journalizing Check Entry Source Document Accounts Receivable Journal Double-Entry Accounting Chart of Accounts Normal Balance 1 A form on which a brief message is written to describe a transaction. 2 An invoice used as a source document for recording a sale on account. 3 A group of accounts. 4 Determining that the amount of cash agrees with the accounting records. 5 A business form giving written acknowledgement for cash received. 6 The number assigned to an account. 7 A form describing the goods or services sold, the quantity, the price, and the terms of sale. 8 A ledger that contains all accounts needed to prepare financial statements. 9 The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current. 10 Writing an account title and number on the heading of an account. Memorandum Account Number General Ledger Sales Invoice Opening an Account File Maintenance Ledger Invoice Receipt Proving Cash 1 An endorsement restricting further transfer of a check’s ownership. 2 An endorsement indicating a new owner of a check. 3 When the incorrect journal entry should be corrected with an additional journal entry 4 A check with a future date on it. 5 An endorsement consisting only of the endorser’s signature. 6 A bank account from which payments can be ordered by a depositor. 7 A bank form which lists the checks, currency, and coins an account holder is adding to a bank account. 8 A check that cannot be processed because the maker has made it invalid. 9 Transferring information from a journal entry to a ledger account. 10 A signature or stamp on the back of a check transferring ownership. Posting Postdated Check Deposit Slip Correcting Entry Restrictive Endorsement Blank Endorsement Checking Account Voided Check Special Endorsement Endorsement 1 A check that a bank refuses to pay. 2 A check dishonored by the bank because of insufficient funds in the account of the maker of the check. 3 A form showing proof of a petty cash payment. 4 A petty cash on hand amount that is more than the recorded amount. 5 A check which has been paid by the bank. 6 A petty cash on hand amount that is less than the recorded amount. 7 A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents. 8 A report of deposits, withdrawals, and bank balances sent to a depositor by a bank. 9 A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder. 10 An amount of cash kept on hand and used for making small payments. Cash Short Canceled Check Electronic Funds Transfer Bank Statement Dishonored Check Petty Cash Slip Debit Card Cash Over Petty Cash NSF Check 1 Reporting income when earned and expenses when incurred. 2 A fiscal period consisting of 12 consecutive months. 3 Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period. 4 The length of time for which a business summarizes its financial information and reports its financial performance. 5 Reporting income when the cash is received and expenses when the cash is paid. 6 A proof of the equality of debits and credits in a general ledger. 7 A columnar accounting form used to summarize the general ledger information needed to prepare financial statements. 8 Cash paid for an expense in one fiscal period that is not used until a later period. 9 A financial statement that reports assets, liabilities, and owner’s equity on a specific date. 10 A financial statement showing the revenue and expenses for a fiscal period. Fiscal Period Income Statement Trial Balance Cash Basis of Accounting Accrual Basis of Accounting Fiscal Year Balance Sheet Adjustments Work Sheet Prepaid Expense 1 Journal entries recorded to update general ledger accounts at the end of a fiscal period. 2 A financial statement that reports the changes in the capital account for a proprietorship for a period of time 3 The area of accounting which focuses on reporting information to external users. 4 The difference between total revenue and total expenses when total revenue is greater. 5 The difference between total revenue and total expenses when total revenue is greater. 6 Any persons or groups who will be affected by an action. 7 The area of accounting that focuses on reporting information to internal users. 8 A financial road map used by individuals and companies as a guide for spending and saving. 9 The ratio of net income to total sales. 10 A comparison between two components of financial information. Financial Accounting Statement of Owner's Equity Managerial Accounting Budget Adjusting Entries Net Loss Financial Ratio Return on Sales (ROS) Net Income Stakeholders 1 A positive balance that remains after total expenses are subtracted from total income. 2 Journal entries used to prepare temporary accounts for a new fiscal period. 3 Reporting an amount on a financial statement as a percentage of another item on the same financial statement. 4 The series of accounting activities included in recording financial information for a fiscal period. 5 Financial statements providing information for a time period shorter than the fiscal year. 6 A negative balance that remains after total expenses are subtracted from total income. 7 The calculation and interpretation of a financial ratio. 8 A trial balance prepared after the closing entries are posted. 9 Accounts used to accumulate information from one fiscal period to the next. Ratio Analysis Surplus Vertical Analysis Deficit Closing Entries Interim Financial Statements Permanent Accounts Accounting Cycle Post-Closing Trial Balance
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