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Chapter 2 | ACG 2021 - Principles of Financial Accounting, Quizzes of Financial Accounting

Class: ACG 2021 - Principles of Financial Accounting; Subject: Accounting: General; University: University of North Florida; Term: Spring 2013;

Typology: Quizzes

2012/2013

Uploaded on 05/13/2013

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TERM 1
Account
DEFINITION 1
A detailed record of all increases and decreases that have
occurred in an individual asset, liability, equity during a
specific period
TERM 2
Notes Receivable
DEFINITION 2
A written promise that a customer will pay a fixed amount of
money and interest by a certain date in the future
TERM 3
Prepaid Expense
DEFINITION 3
A payment of an expense in advance
TERM 4
Notes Payable
DEFINITION 4
A written promise made by the business to pay a debt,
usually involving interest, in the future
TERM 5
Accrued Liability
DEFINITION 5
A liability for which the business knows the amount owed but
the bill has not been paid
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Account

A detailed record of all increases and decreases that have

occurred in an individual asset, liability, equity during a

specific period

TERM 2

Notes Receivable

DEFINITION 2

A written promise that a customer will pay a fixed amount of

money and interest by a certain date in the future

TERM 3

Prepaid Expense

DEFINITION 3

A payment of an expense in advance

TERM 4

Notes Payable

DEFINITION 4

A written promise made by the business to pay a debt,

usually involving interest, in the future

TERM 5

Accrued Liability

DEFINITION 5

A liability for which the business knows the amount owed but

the bill has not been paid

Unearned Revenue

A liability created when a business collects cash from

customers in advance of providing services or delivering

goods

TERM 7

Chart of Accounts

DEFINITION 7

A list of all of a company's accounts with their account

numbers

TERM 8

Ledger

DEFINITION 8

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his portrayal of "The Joker" in Batman: The Dark Knight. He

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and his role in "10 Things I Hate About You."

TERM 9

Ledger

DEFINITION 9

The record holding all the accounts of a business, the

changes in those accounts, and their balances

TERM 10

Double-Entry System

DEFINITION 10

A system of accounting in which every transaction affects at

least two accounts

Source Document

Provides the evidence and data for accounting transactions

TERM 17

Journal

DEFINITION 17

A record of transactions in date order

TERM 18

Posting

DEFINITION 18

Transferring data from the journal to the ledger

TERM 19

Compound Journal Entry

DEFINITION 19

A journal entry that is characterized by having multiple

debits and/or multiple credits

TERM 20

Trial Balance

DEFINITION 20

A list of all ledger accounts with their balances at a point in

time

Debt Ratio

Shows the proportion of assets financed with debt(Total

Liabilities / Total Assets)