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

Process for providing financial information that is useful to management.

Organized summaries of a business's financial activities.

Financial reports that summarize the financial conditions and operations of a business.

The use of ethics in making business decisions.

A business that performs an activity for a fee

The financial rights to the assets of a business.

A business owned by one person

A record summarizing all the information pertaining to a single item in the accounting equation.

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

Planning, recording, analyzing, and interpreting financial information.

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

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

The account used to summarize the owner's equity in the business.

An amount owed by a business.

A decrease in owner's equity resulting from the operation of a business.

The name given to an account.

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

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

A sale for which cash will be received at a later date.

The amount in an account.

An accounting device used to analyze transactions is a T account.

An amount recorded on the left side of a T account is a credit.

Each asset account has a normal debit balance.

Each liability account has a normal debit balance.

The balance of an account increases on the same side as the normal balance side.

Asset accounts increase on the credit side.

Each transaction changes the balances in at least two accounts.

A list of accounts used by a business is called a record of accounts.

When cash is paid for supplies, the supplies account is increased by a credit.

Common accounting practice is to record withdrawals as debits in the owner's capital account.

The left side of an asset account is the credit side.

A drawing account is decreased by debits and increased by credits.

Increases in expense accounts are recorded as debits because they decrease the capital account.

The normal balance side of an accounts receivable account is a credit.

Accounts payable accounts are increased with a debit.

Advertising Expense is increased with a debit

Cash is increased with a credit.

Prepaid Insurance is decreased with a credit.

Withdrawal transactions are recorded in the owner's capital account.

Increases to accounts are recorded on the debit side.

The right side of a T account is the:

If an amount is recorded on the side of a T account opposite the normal balance side,

The normal balance side of an asset account is the:

When the owner invests cash in a business, the owner's capital account is:

When a business pays cash on account, a liability account is:

When cash is received from sales, the change in the owner's equity is usually:

Increases in a revenue account are shown on a T account's

The normal balance side of any expense account is the:

Information for each transaction recorded in a journal

A form for recording transactions in chronological order

A journal amount column headed with an account title

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

A journal amount column that is not headed with an account title

The recording of debit and credit parts of a transaction

A form describing the goods or services sold, the quantity, and the price

Recording transactions in a journal

Determining that the amount of cash agrees with the accounting records

A business form ordering a bank to pay cash from a bank account

An invoice used as a source document for recording a sale on account

A business form giving a written acknowledgement for cash received

A form on which a brief message is written describing a transaction

On each journal page, the month is written

The entry to record receipt of cash from the owner as an investment

When cash is paid for insurance, the

A single line ruled across the journal's amount columns indicates

If an error is recorded in a journal entry,

When cash is paid on account, the amount is recorded in the

When cash is received from sales, the amount is recorded in the

When services are sold on account, the amount is recorded in the

When cash is paid for utilities, the amount is recorded in the

When cash is received on account, the amount is recorded in the

A journal shows in one place all the changes in a single account.

Account numbers may be assigned by _______ so that new accounts can be added easily.

Transferring information from a journal entry to a ledger account is called:

If a business only has two asset accounts, Cash and Supplies, the two accounts would be numbered:

A group of accounts is called a:

The ____________ is written in the Post. Ref. column of the journal to show that posting of the entry is complete.

A journal page number is written in the Post. Ref. column of an account to show that posting of the entry is completed.

If the previous account balance and the current entry posted to an account are both debits, the new account balance is a _________.

The _____________ column total is posted.

The cash account is the first asset account and is numbered _______.

When adding a new expense account between accounts numbered 510 and 520, the new account is assigned the account number ________.

The two steps for opening an account are writing the account title and ___________

Separate amounts in special amount columns are posted individually

Separate amounts in general amount columns are not posted individually.

The posting reference should always be recorded in the journal's Post. Ref. column before amounts are recorded in the ledger.

The only reason for the Post. Ref. columns of the journal and general ledger is to indicate which entries in the journal still need to be posted if posting is interrupted.

There are ___ steps for posting.

A check mark in parentheses below a General Debit column total indicates:

The Post. Ref. column is completely filled in with either an account number or check mark except for the ______ line.