Accounting 1 Final Exam Review

Front

A list of accounts used by a business

Back

chart of accounts

Front

A financial statement that reports assets, liabilities, and owner’s equity on a specific date.

Back

balance sheet

Front

A person or business to whom a liability is owed.

Back

creditor

Front

Transferring information from a journal entry to a ledger account.

Back

posting

Front

A proof of the equality of debits and credits in a general ledger.

Back

trial balance

Front

An increase in equity resulting from the sale of goods or services.

Back

revenue

Front

A planned process designed to compile financial data and summarize the results in accounting records and reports.

Back

accounting system

Front

Accounts used to accumulate information until it is transferred to the owner’s capital account.

Back

temporary accounts

Front

Accounts used to accumulate information from one fiscal period to the next.

Back

permanent accounts

Front

Journal entries used to prepare temporary accounts for a new fiscal period.

Back

closing entries