WorksheetsAccounting Essential Vocabulary
Total questions: 20
Worksheet time: 10mins
A permanent record organized by account number
General Ledger
General Journal
Assets
Liabilities
A statement of the assets, liabilities, and capital of a business or other organization at a particular point in time
Income Statement
Trial Balance
Chart of Accounts
Balance Sheet
A report of the net income or net loss for a specific period
Income Statement
Trial Balance
Chart of Accounts
Balance Sheet
A list of all accounts used by a business
Income Statement
Trial Balance
Chart of Accounts
Balance Sheet
The accounting equation is...
An equation showing the relationship among assets, liabilities, and owner's equity
The owner's claims to the assets of the business
The amount by which total revenue exceeds total expenses for the accounting period or the amount by which the total expenses exceed the total revenues for the accounting period
The cost of goods or services used to operate a business
The net income or net loss of a business is...
An equation showing the relationship among assets, liabilities, and owner's equity
The owner's claims to the assets of the business
The amount by which total revenue exceeds total expenses for the accounting period or the amount by which the total expenses exceed the total revenues for the accounting period
The cost of goods or services used to operate a business
Cash kept on hand for making small incidental cash payments
Assets
Liabilities
Retained Earnings
Petty Cash Fund
Income earned from the sale of goods and services
Profit
Revenue
Expense
Assets
A business that buys finished goods and resells them to individuals or other businesses.
Service Business
Merchandising Business
A business that provides a needed service for a fee
Service Business
Merchandising Business
A ledger with detailed data that is summarized in a controlling account in the general ledger
General Ledger
Subsidiary Journal
Subsidiary Ledger
General Journal
The items of merchandise a business has in stock
Income
Inventory
Assets
Petty Cash
The original price of all merchandise sold during a fiscal period
Profit
Revenue
Cost of Merchandise Sold
Inventory
The cost of goods or services used to operate a business
Profit
Revenue
Expense
Assets
Reports prepared to summarize changes resulting from business transactions that occur during the accounting period
Chart of Accounts
Financial Statements
Equity Reports
Green Bay Press Gazette
Amounts owed to creditors
Liabilities
Assets
Expenses
Owner's Equity
The owner's claims to the assets of the business
Liabilities
Assets
Expenses
Owner's Equity/Capital
Property or items of value owned by a business
Liabilities
Assets
Expenses
Owner's Equity/Capital
An account whose balance is a decrease to its related account
Decreasers
Rivals
Opposites
Contra Account
An all-purpose journal in which all the transactions of a business my be recorded.
General Ledger
General Journal
Assets
Liabilities
