An accounting device used to analyze transactions.

An amount recorded on the right side of an account.

Amounts to be paid in the future for goods or services already acquired.

An amount recorded on the right side of an account.

An accounting device used to analyze transactions.

Double-entry accounting

The recording of debit and credit parts of a transaction.

A business form giving written acknowledgement for cash received.

Recording transactions in a journal.

Information for each transaction recorded in a journal.

A form on which a brief message is written to describe a transaction.

An invoice used as a source document for recording a sale on account. A sales invoice is also referred to as a sales ticket or a sales slip.

A form describing the goods or services sold, the quantity, the price, and the terms of sale.

A business paper from which information is obtained for a journal entry.

A form on which a brief message is written to describe a transaction.

An invoice used as a source document for recording a sale on account. A sales invoice is also referred to as a sales ticket or a sales slip.

Information for each transaction recorded in a journal.

An invoice used as a source document for recording a sale on account. A sales invoice is also referred to as a sales ticket or a sales slip.

Information for each transaction recorded in a journal.

An invoice used as a source document for recording a sale on account. A sales invoice is also referred to as a sales ticket or a sales slip.

If a transaction has been improperly journalized and posted to the ledger, the incorrect journal entry should be corrected with an additional journal entry, called a correcting entry.

Writing an account title and number on the heading of an account.

Determining that the amount of cash agrees with the accounting records.

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

If a transaction has been improperly journalized and posted to the ledger, the incorrect journal entry should be corrected with an additional journal entry, called a correcting entry.

Writing an account title and number on the heading of an account.

A ledger that contains all accounts needed to prepare financial statements.

Transferring information from a journal entry to a ledger account.

The number assigned to an account.

Writing an account title and number on the heading of an account.

Transferring information from a journal entry to a ledger account.

If a transaction has been improperly journalized and posted to the ledger, the incorrect journal entry should be corrected with an additional journal entry, called a correcting entry.

Transferring information from a journal entry to a ledger account.

Determining that the amount of cash agrees with the accounting records.

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

An accounting worker who processes routine details about accounting transactions.

A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents.

An amount of cash kept on hand and used for making small payments.

A report of deposits, withdrawals, and bank balances sent to a depositor by a bank.

A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents.

A bank form which lists the checks, currency, and coins an account holder is adding to a bank account.

A check that a bank refuses to pay.

A petty cash on hand amount that is less than the recorded amount.

A check dishonored by the bank because of insufficient funds in the account of the maker of the check.

An endorsement indicating a new owner of a check.

A bank form which lists the checks, currency, and coins an account holder is adding to a bank account.

A check dishonored by the bank because of insufficient funds in the account of the maker of the check.

A check that cannot be processed because the maker has made it invalid.

Accrual Basis of accounting

Reporting income when earned and expenses when incurred.

A financial statement showing the revenue and expenses for a fiscal period.

An accountant who has passed the uniform certified public accounting exam and met the licensing requirement for a state.An accountant who has passed the uniform certified public accounting exam and met the licensing requirement for a state.

Adjusted trial balance

A trial balance prepared after adjusting entries are posted.

A financial statement showing the revenue and expenses for a fiscal period.

Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period.

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

The difference between total revenue and total expenses when total revenue is greater.

Journal entries recorded to update general ledger accounts at the end of a fiscal period.

Cash basis of accounting

Reporting income when the cash is received and expenses when the cash is paid.

The difference between total revenue and total expenses when total revenue is greater.

A trial balance prepared after adjusting entries are posted.

An accountant who has passed the uniform certified public accounting exam and met the licensing requirement for a state.

A financial statement showing the revenue and expenses for a fiscal period.

Reporting income when the cash is received and expenses when the cash is paid.

Comparative financial statements

Financial statements that provide information for multiple fiscal periods.

A budgeting strategy of setting aside at least 10% of after-tax income for saving and investing.

Reporting an amount on a financial statement as a percentage of another item on the same financial statement.

A negative balance that remains after total expenses are subtracted from total income.

Any persons or groups who will be affected by an action.

Financial statements providing information for a time period shorter than the fiscal year.

The area of accounting which focuses on reporting information to external users.

The area of accounting which focuses on reporting information to internal users.

A positive balance that remains after total expenses are subtracted from total income.

Managerial Accounting

The area of accounting which focuses on reporting information to internal users.

Financial statements that provide information for multiple fiscal periods.

The area of accounting which focuses on reporting information to external users.

Reporting an amount on a financial statement as a percentage of another item on the same financial statement.

A negative balance that remains after total expenses are subtracted from total income.

A positive balance that remains after total expenses are subtracted from total income.

The series of accounting activities included in recording financial information for a fiscal period.

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

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

An examination of financial records, accounts, and supporting documents to check their accuracy.

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

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

A paper or electronic path that provides a documented history of a transaction.

An examination of financial records, accounts, and supporting documents to check their accuracy.

An accounting business that helps other businesses with accounting issues.

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

An examination of financial records, accounts, and supporting documents to check their accuracy.

A trial balance prepared after the closing entries are posted.

Public accounting firm

An accounting business that helps other businesses with accounting issues.

A paper or electronic path that provides a documented history of a transaction.

The accountant who conducts the audit.

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Fun

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Practice Problem

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Hard

Simran M

FREE Resource

40 questions

Show all answers

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Account

The difference between the increases and decreases in an account.

The name given to an account.

Someone who owns, operates, and takes the risk of a business venture.

A record that summarizes all the transactions pertaining to a single item in the accounting equation.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Account Balance

A formal written document that describes the nature of a business and how it will operate.

The amount remaining after the value of all liabilities is subtracted from the value of all assets.

The difference between the increases and decreases in an account.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

GAAP

The process of planning, recording, analyzing, and interpreting financial information.

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

Generally Accepted Accounting Principles. The standards and rules that accountants follow while recording and reporting financial activities.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Compound Interest

An account used to summarize the owner’s equity in a business.

Interest paid on an original amount deposited in a bank plus any interest that has been paid.

The cost of goods or services used to operate a business.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Creditor

The difference between assets and liabilities.

Someone who owns, operates, and takes the risk of a business venture.

A person or business to whom a liability is owed.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Charts of accounts

An amount recorded on the left side of an account.

The side of an account that is increased is called the normal balance of the account.

A list of accounts used by a business.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Forensic Accountant

The side of an account that is increased is called the normal balance of the account.

An accountant who combines accounting and investigating skills to uncover suspected fraudulent business activity, or to prevent such activity.

Amounts to be received in the future due to the sale of goods or services.

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Final Review terms

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Account

Account Balance

GAAP

Compound Interest

Creditor

Charts of accounts

Forensic Accountant

T account

Accounts receivable

Accounts payable

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