Terms

Question 0

Refers to the standard frameworks of guidelines for financial accounting used in any given jurisdiction. I

Answer 0

GAAP

Question 1

Refers to the process of planning, keeping, and interpreting financial records

Answer 1

accounting

Question 2

Accounting
Bookkeepers
Accounting Clerks
General office clerks

Answer 2

Accounting job

Question 3

A financial statement that reports assets, liabilities, and capital on specific date

Answer 3

Balance Sheet

Question 4

Value that is owned

Answer 4

Asset

Question 5

Financial right to the assets of a business

Answer 5

Equities

Question 6

Amount owed by business

Answer 6

Liabilities

Question 7

Value of owners equity

Answer 7

Capital

Question 8

An equation showing the relationship among asset, liabilities and capital

Answer 8

Accounting Equation

Question 9

Journal with two amount columns

Answer 9

General journal

Question 10

A business paper from which information is obtain for a general journal entry

Answer 10

Source Document

Question 11

A form in which a brief message is written describing an entry

Answer 11

Memorandum

Question 12

A list of account tittles and numbers showing the location

Answer 12

Chart of account

Question 13

A ledger that contains all account needed to prepare financial statement

Answer 13

General Ledger

Question 14

An increase in capital resulting from the operation of the business

Answer 14

Revenue

Question 15

A decrease in capital resulting from the operation of the business

Answer 15

Expense

Question 16

A normal business activity that change asset, liabilities and owners equity

Answer 16

Transaction

Question 17

A result in an increase in asset or a decrease in liabilities or capital

Answer 17

Debit

Question 18

A result in an decrease in asset or a increase in liabilities or capital

Answer 18

Credit

Question 19

The recording of debit and credit parts

Answer 19

Double entry accounting

Question 20

A skeleton form of account showing only the debit and credit column

Answer 20

T- account

Question 21

Account balance increase in the same column to its normal balance

Answer 21

Normal debit balance

Question 22

Account balance decrease in the columns opposite to its normal balance

Answer 22

Normal credit balance

Question 23

Recording business transactions in journal

Answer 23

Journalizing

Question 24

A multi column journal in which transaction of a business maybe recorded

Answer 24

Combination Journal

Question 25

Determining that the amount of cash on hand agrees with the accounting record

Answer 25

Proving cash

Question 26

Process of copying summary level or detailed entries in an accounting journal into the general ledger

Answer 26

Posting

Question 27

A column accounting firm on which, financial condition of a business is summarized

Answer 27

Worksheet

Question 28

Changes recorded to update general ledger account at the end of a fiscal period

Answer 28

Adjustment

Question 29

The difference between the total revenue and total expense when total revenue is greater

Answer 29

Net income

Question 30

The difference between total revenue and total expense are greater.

Answer 30

Net loss

Question 31

A financial statement showing the revenue and expense for a financial period.

Answer 31

Income Statement

Question 32

Journal entries made to bring general ledger account up to date

Answer 32

Adjusting Entries

Question 33

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

Answer 33

Closing Entries

Question 34

A trial balance prepared after the closing entries are posted

Answer 34

Post Closing trial balance

Question 35

What is the accounting equation?

Answer 35

Asset= Liability + capital

Question 36

Process of posting: steps

Answer 36

1. Write the date in the date column of the general ledger amount 2. Write the combination journal page number, in the post reference column 3. Write the debit/ credit amount, in the right column 4. Figure the new account balance 5. Return to the combination journals post reference column