Card Set Information
Accounting Final Vocabulary
Accounting Final, Vocabulary
A device for recording the changes (increases or decreases) in the fundamental accounting elements.
The difference between the total debits and the total credits in an account.
A language of business employed to communicate financial information based upon analyzing, recording, classification, summarization, reporting and interpretation of financial data.
The process involved in journalizing, posting to the ledger, taking a trial balance, preparing statements, making adjusting entries, and preparing a post-closing trial balance.
Assets = Liabilities + Owner's Equity
An unwritten promise to pay creditors for property, such as merchandise, supplies or equipment, purchased on credit, or for services rendered.
An unwritten promise by a customer to pay, at a later date, for goods sold or services rendered.
Recording in each fiscal period applicable expenses, whether paid or not, and income earned, whether collected or not.