Accounting 1 Final

Front

The standards and rules that accountants follow while recording and reporting financial activities are the ________________.

Back

GAAP (Generally Accepted Accounting Principles)

Front

Anything of value that is owned is an ___________.

Back

Asset

Front

A business paper from which information is obtained for a journal entry is a ________________.

Back

Source Document

Front

The recording of debit and credit parts of a transaction is called _________________

Back

Double-entry Accounting

Front

A check with a future date on it is a ________________.

Back

Postdated Check

Front

A bank account from which payments can be ordered by a depositor is a __________________.

Back

Checking Account

Front

An endorsement restricting further transfer of a check's ownership is called a ___________________.

Back

Restrictive Endorsement

Front

A check that has been paid by the bank is a ________________.

Back

Canceled Check

Front

A petty cash on hand amount that is less than the recorded amount is ______________.

Back

Cash Short

Front

The difference between total revenue and total expenses when total revenue is greater is a ________________.

Back

Net income