"CLEP Financial Accounting," Vocabulary from Chapter 7

This list focuses on journals and ledgers.

Here are links to all the chapters of the test prep book published by Research & Education Association: Chapter 1, Chapter 2, Chapter 3, Chapter 4, Chapter 5, Chapter 6, Chapter 7, Chapter 8, Chapter 9, Chapter 10, Chapter 11, Chapter 12, Chapter 13, Chapter 14, Chapter 15, Chapter 16, Chapter 17, Chapter 18, Chapter 19, Chapter 20
25 words 15 learners

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Full list of words from this list:

words only definitions & notes
  1. general
    not specialized or limited to one class of things
    General journal entries are the CLEP exam's main ingredients. Memorize the descriptions of different types of journal entries and the debits and credits each records.
  2. journal
    a ledger in which transactions have been recorded
  3. ledger
    a record in which commercial accounts are recorded
  4. specialized
    developed or designed for a particular activity or function
  5. vertical
    at right angles to the plane of the horizon or a base line
    Although the CLEP will probably not test your skill with vertical journal entries, learning them will help you go faster on the test and improve your score. You can use the margins to do quick analyses with VJEs. Squeeze in as many transactions as the space for each column allows, but make sure to clearly letter each transaction.
  6. entry
    a written record of a commercial transaction
  7. record
    set down in permanent form
  8. item
    an isolated fact considered separately from the whole
  9. identify
    give the name or characteristics of
  10. explanation
    a statement that makes something comprehensible
  11. parenthesis
    a punctuation mark used to enclose textual material
  12. vice versa
    with the order reversed
  13. combine
    put or add together
  14. multiple
    having or involving more than one part or entity
  15. individual
    characteristic of or meant for a single person or thing
  16. separate
    independent; not united or joint
  17. source
    a document from which information is obtained
  18. register
    a book in which names and transactions are listed
  19. volume
    a relative amount
  20. purchase
    the acquisition of something for payment
  21. manufacture
    organized action of making of goods and services for sale
  22. retail
    the selling of goods to consumers
  23. feature
    a prominent attribute or aspect of something
  24. probability
    a measure of how likely it is that some event will occur
    Because accounts keep the same normal balance, if the number in the start column is a debit, the number in the total column will be a debit. The same with credits. If you start with a debit and end with a credit, there is a 99% probability you made a mistake.
  25. clue
    evidence that helps to solve a problem
    If you know the types of normal balances for all the accounts, you will not be confused no matter how the CLEP exam displays the activity inside an account.
Created on November 2, 2016 (updated December 13, 2016)

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