Unit 1

  1. Keeping money records is called
    Accounting or bookkeeping
  2. The arithmetic process of combining number to reach a total
  3. The numbers combined in addition are called
  4. The total number in addition is called
  5. What do you do when you keep all your decimals point in an addition problem
    Keep them aligned
  6. The two records that can help families and individuals avoid financial problems
    Cash receipt Records and cash payment records
  7. In your cash record if you have more payments than receipt it is called
  8. In subtraction what is the number that is being decreased
  9. In subtraction what is the amount of reduction called
  10. In subtraction what is the remaining amount called
  11. Is the money or property that has any worth to your business
  12. In multiplication what is the number at the top called
    Multiplicand or factor
  13. In multiplication what is the number at the bottom called
    Multipler or factor
  14. In multiplication what is the answer called
  15. Multiplicand and multiplier are called
  16. The amount you owe the department store is called
  17. When your business owes money to another business, your record the amount as
    Accounts payable
  18. The business or person to whom you are liable is the
  19. The amount of money invested (assets) minus the business liabilities
  20. Can best describe the capitals relationship to each other
    Business equation
  21. Is a statement of finachial condition which shows the busniess’s assets, liabilities and capital
    Balance sheet
  22. The revenue (money) received
  23. The amount the business paid for merchandise for sale
    Cost of goods
  24. Utilities, employee wages, insurance, property taxes, office supplies, and any other expense incuured by the business
    Operating expenses
  25. Your income from sales less any sales returns or allowances made
    Net sales
  26. If your expenses are less than the gross profit you have
    Net profit
  27. If your expenses are more than your gross profit its called
    Net loss
  28. A business that is separate from the owners and employees
  29. listing the income, the cost  of goods sold and the expenses of a business
    income statement
  30. What is assets, liabilities, capital, income cost of good, and expenses used in
  31. Is a book of ruled paper with columns in which to enter the dollar amounts of any business transaction
  32. For every financial transaction in a business there are two entries –a debit and credit
    A double-entry bookkeeping system
  33. Is a dollar amount that is recorded in the left column
    Debit entry
  34. Is a dollar amount that is recorded in the right column
  35. What are the tree thing that go under debit
    Assets, cost of goods sold, expenses
  36. What are the three thing that go under credit
    Liabilities, capital, income
  37. used to help organize all general journal entries into categories according to their account
    general ledger
  38. When categorizin accounts and assinginging numers you are compiling
    chart of accounts
  39. just as  there are speacial journal ther are what that accounts recivable and acconts payable ledge
Card Set
Unit 1