Accounting: Vocabulary (Final Exam Semester 1)

a group of accounts

• account number
• ledger
• general ledger
• file maintenance

a ledger that contains all accounts needed to prepare financial statements

• account number
• ledger
• general ledger
• file maintenance

the number assigned to an account

• account number
• ledger
• general ledger
• file maintenance

the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current

• ledger
• general ledger
• file maintenance
• opening an account

writing the account title and number on the heading on an account

• account number
• general ledger
• opening an account
• posting

transferring information from a journal entry to a ledger account

• ledger
• file maintenance
• opening an account
• posting

a statement that guides the ethical behavior of a company and its employees

• code of conduct
• checking account
• endorsement
• blank endorsement

An equation showing the relationship among assets, liabilities, and owner's equity.

• business ethics
• accounting
• accounting equation
• transaction

A business activity that changes assets, liabilities, or owner's equity.

• accounting
• accounting equation
• transaction
• accounting system

A planned process for providing financial information that will be useful to management

• accounting
• accounting equation
• transaction
• accounting system