Card Set Information
Vocabulary words and meanings
Planning, recording, analyzing, and interpreting financial info.
equation showing the relationship among assets, liabilities, and owner's equity.
Anything of value that is owned
Account used to summarize the owner's equity in a business.
decrease in O.E. resulting from the operation of a business.
Amount owed by a business
increase in owner's equity resulting from the operation of a business
Assets taken out of a business for the owner's personal use.
Chart of Accounts
list of accounts used by a business
Amount recorded on right side of T account
accounting device used to analyze transactions
business form ordering a bank to pay cash from a bank account.
recording of debit and credit parts of a transaction
form for recording transactions in chronological order.
business paper from which info is obtained for a journal entry.
procedure for arranging accounts in a gen ledger, assigning account numbers, and keeping records current.
group of accounts
Transferring info from a journal entry to a ledger account
Determining that the amount of cash agresss with the balance of the cash account in the accounting records
reports of deposits, withdrawals and bank balances sent to a depositor by a bank
bank account form which payments can be ordered by a depositor
signature or stamp on the back of a check, transferring ownership.
Types of Endorsements?
Amount of cash kept on hand for small purchases
check with future date on it
Financial Statement that reports assets, liabilities, and owner's quity on a specific date
Equation for new capital?
Original capital+Net Income-Drawing