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12 Cards in this Set
- Front
- Back
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Accounting Cycle |
Steps performed during each accounting period: Classify Record Summarize and produce needed financial information for a business |
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Audit Trail |
Chain of references that make it possible to trace information locate errors prevent fraud |
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Balance Ledger Form |
Ledger account form that shows the balance of an account after each entry is posted |
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Chronological Order |
Organized in the order that events occur |
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Compound Entry |
A journal entry with more than one debit or credit |
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Correcting Entry |
A journal entry made to correct an erroneous entry |
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General Journal |
A financial record for entering all types of business transactions |
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General Ledger |
A permanent, classified record of all accounts used in a firm's operation; a record of final entry |
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Journal |
The record of original entry |
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Journalizing |
Recording transactions in a journal |
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Ledger |
The record of final entry |
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Posting |
Transferring data from a journal to a Ledger |
