Accounting Vocab Chapters 1-7

Front

Total owed from customers.

Back

Accounts Receivable

Front

Total owed to creditors.

Back

Accounts Payable

Front

List of accounts and their numbers.

Back

Chart of Accounts

Front

Record of business transactions... step 3.

Back

Journal

Front

A book of accounts where posting occurs.

Back

Ledger

Front

Increase in owner's equity from providing a service.

Back

Revenue

Front

Decrease in owner's equity from business costs.

Back

Expense

Front

When revenue exceeds expenses.

Back

Profit

Front

Expenses > Revenue

Back

Loss

Front

Steps a business takes each period.

Back

Accounting Cycle