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20 Cards in this Set
- Front
- Back
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A book in which you record transactions by using the double-entry system.
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Journal
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The recording of transactions using the double-entry system.
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Journalize
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An entry on a financial statement which reflects payments or disbursements made on behalf of a party for which the party is responsible (opposite of "Credit").
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Debit
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An entry on a financial statement which reflects payments or disbursements made on behalf of a party for which the party is responsible (opposite of "Debit").
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Credit
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Closing entry denotes the closing of temporary accounts (revenues, expenses, gains, losses, and dividends) into a stockholders' equity account.
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Closing Entry
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A book in which you record transactions by using the double-entry system.
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Journal
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The recording of transactions using the double-entry system.
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Journalize
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An entry on a financial statement which reflects payments or disbursements made on behalf of a party for which the party is responsible (opposite of "Credit").
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Debit
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An entry on a financial statement which reflects payments or disbursements made on behalf of a party for which the party is responsible (opposite of "Debit").
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Credit
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Closing entry denotes the closing of temporary accounts (revenues, expenses, gains, losses, and dividends) into a stockholders' equity account.
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Closing Entry
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is the act of recording and reporting financial transactions, including the origination of the transaction, its recognition, processing, and summarization in the financial statements.
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Accounting
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An itemized statement that lists the total assets and total liabilities of a given business to portray its net worth at a given moment in time.
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Balance Sheet
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All real or intellectual property owned by the enterprise that has a positive financial value.
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Assets
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Anything that is owed to someone else.
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Liabilities
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Owners equity, commonly known simply as equity, also risk or liable capital, is a financial term for the difference between a company's assets and liabilities.
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Owner's Equity
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The remaining assets of a business after all liabilities have been deducted; net worth.
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Owner's Capital
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A list of ledger account names and numbers arranged in the order in which they customarily appear in the financial statements.
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Chart of Accounts
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An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors.
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Accounts Payable
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The original medium containing the basic data to be used by a data-processing system, from which the data are converted into a form which can be read into a computer.
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Source Documents
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The double-entry bookkeeping (or double-entry accounting) system is the basis of the standard system used by businesses and other organizations to record financial transactions.
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Double-Entry Accounting
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