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20 Cards in this Set

  • Front
  • Back
An accounting system includes a separate record for each item that appears in the financial statements.
an amount recorded on the left side of an account.
an amount recorded on the right side of an account.
All asset accounts normally have what kind of balances?
a system of recording every business transaction with equal dollar amounts of both debit and credit entries.
double entry accounting
in an actual accounting system, the information about each business transaction is initiall recorded in an accounting record called the ------- and is later transferred to the ledger.
The process of transferring information from the journal to individual accounts in the ledger
an increase in owners' equity resulting from profitable operations.
net income
that portion of stockholders' equity resulting from profits earned and retained in the business.
retained earnings.
a financial statement summarizing the results of operations of a business by matching its revenue and related expenses for a particular accounting period.
the price of goods and services charged to customers for goods and services rendered by a business
the generally accepted accounting principle that determines when revenue should be recorded in the accounting records.
realization principle
the cost of goods and services used up in the process of obtaining revenue.
the generally accepted accounting principle that determines when expenses should be recorded in the accounting records.
matching principle
calls for recording revenue in the period in which it is earned and recording expenses in the period in which they are incurred
accrual basis of accounting
revenue increases------therefore revenue is recorded by------
owners equity; credits
expenses decrease -------- there for expenses are recorded by-------
owners equity ;debits
A distribution of resources by a corporation to its stock holders.
a two column schedule listing the names and the debit or credit balances of all accounts in the ledger
trial balance
the sequence of accounting procedures used to record, classify, and summarize accounting information.
accounting cycle