Bsic Bookkeeping Terms

Matching exercise

Match the items on the right to the items on the left.
Properties used in the operation of a business
Claims by creditors to the property (assets) of a business
Owner's rights and claims to the property (assets) of a business
Increases to owner's equity resulting from business operations
Decreases to owner's equity resulting from business operations
Decreases to owner's equity resulting from owner withdrawals
A financial event recorded in the books of a business
Every transaction is recorded in at least two places (accounts)
Record for each asset, liability,revenue, and expense
A book containing all the accounts and balances of a business
Record where business transactions are first recorded
A worksheet listing all of the general ledger account balances
Statement of a business's assets, liabilities, and owner's equity
Statement that summarizes revenues and expenses
A coded listing of all the accounts in the general ledger
Amount a business's revenues exceed expenses
Amount a business's expenses exceed revenues
Two or more owners who share the ownership of a business
Organization made up of many owners called stockholders
Organization that combines the benefits of a partnership and corporation
Special type of "Flow Thru" corporation
Type of business with one owner
An entry that increases an asset or an expense or that decreases a liability, owner's equity, or income
An entry that increases a liabilty, owner's equity, or revenue or that decreases an asset or expense
Statement that summarizes the sources and uses of cash
Method of accounting that records income in the period earned and expenses in the period incurred