Accounting 1 - Pt 1

A list of accounts used by a business is a

• Accounting System

• Chart of Accounts

• Closing Entry

• Trial Balance

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

• Posting

• Income Statement

• T Account

• Balance Sheet

A person or business to whom a liability is owed.

• Creditor

• Debit

• Revenue

• Expense

Transferring information from a journal entry to a ledger account.

• Expense

• Closing Entry

• Posting

• Trial Balance

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

• Trial Balance

• Posting

• Accrual basis of accounting

• Income Statement

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

• Expense

• Asset

• Revenue

• Liability

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

• Accounting System

• Chart of Accounts

• Creditor

• T account

An accounting device used to analyze transactions.

• Posting

• Balance Sheet

• T Account

• Income Statement

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

• Trial Balance

• T Accounts

• Revenue

• Permanent Accounts

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

• Permanent Accounts

• Revenue

• Adjusting Entries

• Posting