Accounting Terms

1. ______ ________is the length of time for which a business summarizes its financial information and reports its financial performance.
3. A business form giving written acknowledgement for cash received is called a _______.
6. A form describing the goods or services sold, the quantity, the price, and the terms of sale is called an _______.
7. _____ means an amount record on the left side of an account.
8. This is a form for recording transactions in chronological order.
10. Anything of value that is owned is called an ______.
11. Assets taken from the business for the owner’s personal use are called __________.
14. A form on which a brief message is written to describe a transaction is called a _________.
18. The name given to an account is called an ________ _____.
19. An amount owed is called a ________.
20. A business paper from which information is obtained for a journal entry is called a ______ _________.

2. The difference between the increases and decreases in an account is called the ________ ________.
4. A business form ordering a bank to pay cash from a bank account is called a _____.
5. This is an amount of cash kept on hand, used for making small payments.
9. Accountants call any business activity that changes assets, liabilities, or owner’s equity a __________.
12. _____ means an amount record on the right side of an account.
13. ________ is a group of accounts.
15. A record that summarizes all the transactions pertaining to a single item in the accounting equation is called an ________.
16. An increase in equity resulting from the sale of goods or services is called ________.
17. __________ is the process of planning, recording, analyzing, and interpreting financial information.