accounting i chapters 1-5 vocabulary review. the amount in an account
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A record summarizing all the information pertaining
to a single item in the accounting equation.
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Planning, recording, analyzing, and
interpreting financial information.
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double-entry accounting memorandum accounting
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An equation showing the relationship among assets,
liabilities, and owner’s equity.
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accounting equation normal balance chart of accounts
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Organized summaries of a business’s financial
activities.
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transaction accounting records financial statements
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A planned process for providing financial
information that will be useful to management.
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The account used to summarize the owner’s equity in a business.
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A decrease in owner’s equity resulting from the operation
of a business.
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The use of ethics in making business decisions.
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Financial rights to the assets of a business.
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Financial reports that summarize the financial
condition and operations of a business.
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The amount remaining after the value of all liabilities is
subtracted from the value of all assets.
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special amount column normal balance credit balance
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A business that performs an activity for a fee.
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credit service business Non-profit organization
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An increase in owner’s equity resulting from the operation
of a business.
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A sale for which cash will be received at a later date.
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A business activity that changes assets, liabilities, or
owner’s equity.
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withdrawals double-entry accounting transaction
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Assets taken out of a business for the owner’s
personal use.
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The principles of right and wrong that guide an individual in making
decisions.
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financial statements general amount column ethics
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An amount recorded on the right side of a T account.
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An amount recorded on the left side of a T account.
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An accounting device used to analyze transactions.
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special amount column T account source document
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A business form ordering a bank to pay cash from a
bank account.
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Determining that the amount of cash agrees with the
accounting records.
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A journal amount column that is not headed with an
account title.
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chart of accounts general amount column special amount column
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The recording of debit and credit parts of a transaction.
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double-entry accounting proving cash accounting
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A form for recording transactions in chronological
order.
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correcting journalizing double-entry accounting
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A form on which a brief message is written
describing a transaction.
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A journal amount column headed with an account title.
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T-account normal balance special amount column
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A business form giving written acknowledgement for cash
received.
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A business paper from which information is obtained for a
journal entry.
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chart of accounts account number check number
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An additional journal entry, used to correct an incorrect
journal entry.
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transaction general journal entry correcting entry
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A ledger that contains all accounts needed to prepare
financial statements.
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Transferring information from a journal entry to a ledger
account.
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A report of deposits, withdrawals, and bank
balances sent to a depositor by a bank.
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An endorsement consisting only of the endorser’s
signature.
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full endorsement blank endorsement special endorsement
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A bank card that automatically deducts the amount of a
purchase from the checking account of the cardholder.
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An amount of cash kept on hand and used for making small
payments.
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checking account balance petty cash piggy bank cash
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postdated check dishonored check blank check
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