Accounting 1 Final Exam Review

A list of accounts used by a business

• accounting system

• chart of accounts

• posting

• balance sheet

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

• profit and loss statement

• cash flow

• balance sheet

• income statement

A person or business to whom a liability is owed.

• creditor

• debtor

• accounts receivable

• accounts payable

Transferring information from a journal entry to a ledger account.

• tedious working

• ledgering

• journalizing

• posting

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

• accounting system

• trial balance

• balance sheet

• t-account

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

• revenue

• capital

• assets

• accounts receivable

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

• accounting system

• chart of accounts

• accounting equation

• financial statements

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

• cash accounts

• permanent accounts

• temporary accounts

• accrual accounts

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

• permanent accounts

• temporary accounts

• cash accounts

• accrual accounts

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

• accrual entries

• ledger entries

• adjusting entries

• closing entries