Accounting Final Review

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

• T-accounts

• Permanent Accounts

• Temporary Accounts

• Balance sheet accounts

A business that performs an activity for a fee

• Sole proprietorship

• Service Business

• Wholesale business

• Retail Business

Journal entries used to prepare temporary accounts

• Adjusting entries

• Post-closing entries

• Closing entries

• Accounting entries

Anything of value that is owned

• Creditor

• Capital

• Liability

• Asset

A business owned by one person

• Sole proprietorship

• Service business

• Partnership

• Corporation

The planning, recording, analyzing, and interpreting of financial information is called

• Accounting

• Sale on account

• Transaction

• Financial statements

An increase in owner's equity resulting from the operation of a business is called

• Expense

• Sale on Account

• Financial Statements

• Revenue

The principles of right and wrong that guides an individual in making decisions

• A director

• Character

• Ethics

• Charisma

A business activity that changes assets, liabilities, or owners equity is called

• A withdrawal

• A sale

• A purchase on account

• A transaction

Assets taken out of a business for the owner's personal use is called

• A contra account

• An expense

• Drawing

• Capital