Accounting Final Exam Study Guide With
Complete Solutions And Correct Answers
Latest Version
Accounting Answer: planning, recording, analyzing, and interpreting financial information
Withdrawals Answer: assets taken out of a business for the owner's personal use
Account Answer: a record summarizing all the information pertaining to a single item in the
accounting equation
Financial Statements Answer: Financial reports that summarize the financial condition and
operations of a business
Accounting Equation Answer: An equation showing the relationship among assets, liabilities, and
owner's equity
Captial Answer: The account used to summarize the owner's equity in a business.
Accounting System Answer: a planned process for providing financial information that will be useful
to management
Asset Answer: anything of value that is owned
Liability Answer: an amount owed by a business
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, Owner's Equity Answer: the amount remaining after the value of all liabilities is subtracted from the
value of all assets
Revenue Answer: an increase in owner's equity resulting from the operation of a business
Expense Answer: a decrease in owner's equity resulting from the operation of a business
Transaction Answer: a business activity that changes assets, liabilities, or owner's equity
T-account Answer: An accounting device used to analyze transactions
Debit Answer: An amount recorded on the left side
Credit Answer: an amount recorded on the right side
Normal Balance Answer: The side of the account that is increased
Double-Entry Accounting Answer: The recording of debit and credit parts of a transaction
Journal Answer: A form for recording transactions in chronological order
Source Document Answer: A business paper from which information is obtained for a journal entry
Invoice Answer: A form describing the goods or services sold, the quantity, and the price
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