Answer Key

3. The process of analyzing, recording, and evaluating financial data.
6. The right side of any account.
8. The owner's investment in the business.
10. The total amount of money an employee earns in a pay period is called ______ earnings
11. Amounts subtracted from gross earnings.
12. Reports the net income or net loss for the period.
15. Journal entries made to close out temporary accounts are called _______ entries.
17. A report to prove the accounting equation.
18. An amount of money paid to an employee at a specified rate per hour worked.
20. People whom you claim to be financially responsible for
21. The process of transferring numbers from the general journal to the general ledger.
22. A single person owned business.
24. A business owned by two or more persons.
25. Examples of temporary accounts are: revenue, expenses, and _______.
29. A form filled out at the bank with a person's legal signature is called a _____ card.

1. The process of recording all transactions of a business into the general journal.
2. A form of government where people are allowed to produce the goods and services they choose.
4. A category of accounts used for debts or amounts owed.
5. An amount paid to an employee based on a percentage of the employee's sales.
7. The form that summarizes information about employee's earnings for each pay period.
9. Costs related to running a business.
10. The book used to record all transactions of a business.
13. The accounts used by a business that are kept on separate pages
14. Summarized changes to the owner's capital account is called a statement of changes in ________________.
16. The person who is responsible for preparing the payroll.
19. A liability account used to record all monies owed to people.
23. Authorized signature written or stamped on the back of a check.
26. Anything of value owned by a business.
27. A fixed amount of money paid to an employee for each pay period.
28. Money earned by the business.