Adv Accounting - Chapter 1 Vocab

  1. anything of value that is owned
  2. an amount owed by a business
  3. financial rights to the assets of a business
  4. the amount remaining after the value of all liabilities is subtracted from the value of all assets
    owner's equity
  5. the owners' equity in a corporation
    stockholders' equity
  6. an equation showing the relationship among assets, liabilities, and owners' equity
    accounting equation
  7. business papers from which information is obtained for a journal entry
    source documents
  8. the recording of debit and credit parts of a transaction
    double-entry accounting
  9. a form for recording transactions of chronological order
  10. a journal used to record only one kind of transaction
    special journal
  11. a record sumarizing all the information pertaining to a single item in the accounting equation
  12. a group of accounts
  13. a ledger that contains all accounts needed to prepare financial statements
    general ledger
  14. a ledger that is summarized in a single general ledger account
    subsidiary ledger
  15. an account in a general ledger that summarizes all accounts in a subsidiary ledger
    controlling account
  16. the procedure for arranging accounts in a gender ledger, assing account numbers, and keeping records current
    file maintenance
  17. an accounting system showing accounting information for two or more departments
    departmental accounting system
  18. a business that purchases and sells goods
    merchandising business
  19. transferring transaction information from a journal entry to a ledger account
  20. a form prepared by the customer showing the price deduction for a purchase returns and allowances
    debit memorandum
  21. an account that reduces a related account on a financial statement
    contra account
  22. a deduction that a vendor allows on the invoice amount to encourage prompt payment
    cash discount
  23. a cash discount on purchases take by a customer
    purchases discount
  24. an amount of cash kept on hand and used for making small payments
    petty cash
Card Set
Adv Accounting - Chapter 1 Vocab