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15 Cards in this Set

  • Front
  • Back
am equation showing the relationship among assets, liabilities and owners equity
Accounting Equation
a business paper from which information is obtained for a journal entry
Source Document
a business that performs an activity fee
Service Business
a columnar accounting form used to summarize the general ledger information needed to prepare financial statements
Work Sheet
Journal entries used to prepare temporary accounts for a new fiscal period
Closing Entries
Transferring information from a journal entry to a ledger account
Posting
A proof of the equality of debts and credits in a general ledger
Trial Balance
A business owned by one person
Proprietorship
A trial balance prepared after the closing entries are posted
Post closing trial balance
Accounts used to accumulate information until it is transfered to the owners capital account
Temporary Accounts
An accounting device used to analyze transactions
T Account
A financial statement that reports assets, liabilities, and owner's equity on a specific date
Balance Sheet
A list of accounts used by a business
chart of accounts
An increase in owner's equity resulting from the operation of a business
Revenue
Journal entries recorded to update general ledger accounts at the end of a fiscal period
Adjusting Entries