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Accounting chapter 1 vocab
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23 Terms
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1
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asset
anything of value that is owned
2
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liability
an amount owed by a business
3
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owner's equity
the amount remaining after the value of all assets
4
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owner's stockholers' equity
the owners' equity in a corporation
5
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accounting equation
an equation showing the relationship among assets, liabilities, and owners' equity
6
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source documents
business paper from which information is obtained for a journal entry
7
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double-entry accounting
the recording of debit and cred parts of a transaction
8
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journal
a form for recording transactions in chronological order
9
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special journal
a journal used to record only one kind of transaction
10
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account
a record that summarizes all the transactions pertaining to a single item in the accounting equation
11
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ledger
a group of accounts
12
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general ledger
a ledger that contains all accounts needed to prepare financial statements
13
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subsidary ledger
a ledger that is summarized in a single general ledger account
14
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controlling account
an account in a general ledger that summarizes all accounts in a subsidiary ledger
15
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file maintenance
the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current
16
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departmental accounting system
an accounting system showing accounting information for two or more departments
17
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merchandising business
a business that purchases and sells goods
18
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posting
transferring transaction information from a journal entry to a ledger account
19
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debit memorandum
a form prepared by the customer showing the price deduction taken by the customer for returns and allowances
20
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contra account
an account that reduces a related account on a financial statement
21
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cash discount
A deduction that a vendor allows on the invoice amount to encourage prompt payment
22
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purchases discount
when a company that has purchased merchandise on account takes a cash discount
23
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petty cash
an amount of cash kept on hand and used for making small payments
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