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Accounting 1 – Terms questions reviewed & answered correctly.
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Accounting 1 – Terms questionsreviewed & answered correctly.
Account ANS -A record summarizing all the information pertaining to a single item in the accounting
equation.
Accountant ANS -A person whose profession is the creating and preparing of financial information for a
business..
Accounting ANS -The planning, recording, analyzing, and interpreting of financial information.
Accounting Cycle ANS -The series of accounting activities included in recording financial information for
a fiscal period.
Accounting Equation ANS -An equation showing the relationship between assets, liabilities, and equity.
Accounting Period Cycle ANS -The concept that is applied when changes in financial information are
reported for a specific period of time in the form of financial statements.
Accounting Records ANS -Organized summaries of a business's financial activities.
Accounting System ANS -A planned process for providing financial information that will be useful to
management.
Accounts Payable ANS -An account used to record that cash is owed by your business to another party -
money you need to pay.
Accounts Receivable ANS -An account used to record that cash is owed to your business by other party -
money you need to receive.
, Adequate Disclosure ANS -The concept that is applied when financial statements contain all information
necessary to understand a business's financial condition.
Adjusting Entries ANS -Journal entries recorded to update general ledger accounts at the end of a fiscal
period.
Adjustments ANS -Changes recorded on a work sheet to update general ledger accounts at the end of
the fiscal period.
Assets ANS -Anything of value that is owned.
Balance Sheet ANS -A financial statement that reports assets, liabilities, and equity on a specific date.
Bank Reconciliation ANS -The process of comparing check stubs with the bank statement.
Bank Statement ANS -A report of deposits, withdrawals, and bank balances sent to a depositor by a
bank.
Blank Endorsement ANS -An endorsement that consists of only the original owner's signature, anyone
who holds the check can claim ownership.
Business Entity ANS -The concept that is applied when financial information is recorded and reported
separately from the owner's personal financial information.
Business Ethics ANS -The use of principles of right and wrong in making business decisions.
Business Transaction ANS -A business activity that changes assets, liabilities, or equity.
Capital ANS -The account used to summarize the equity in a business.
Cash ANS -An asset account representing the money collected and used for payments.
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