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15 Cards in this Set
- Front
- Back
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am equation showing the relationship among assets, liabilities and owners equity
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Accounting Equation
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a business paper from which information is obtained for a journal entry
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Source Document
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a business that performs an activity fee
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Service Business
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a columnar accounting form used to summarize the general ledger information needed to prepare financial statements
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Work Sheet
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Journal entries used to prepare temporary accounts for a new fiscal period
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Closing Entries
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Transferring information from a journal entry to a ledger account
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Posting
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A proof of the equality of debts and credits in a general ledger
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Trial Balance
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A business owned by one person
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Proprietorship
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A trial balance prepared after the closing entries are posted
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Post closing trial balance
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Accounts used to accumulate information until it is transfered to the owners capital account
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Temporary Accounts
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An accounting device used to analyze transactions
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T Account
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A financial statement that reports assets, liabilities, and owner's equity on a specific date
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Balance Sheet
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A list of accounts used by a business
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chart of accounts
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An increase in owner's equity resulting from the operation of a business
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Revenue
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Journal entries recorded to update general ledger accounts at the end of a fiscal period
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Adjusting Entries
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