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8 Cards in this Set
- Front
- Back
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Chart of Accounts
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a list of all account names used to record transactions of a company
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External Transactions
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transactions the firm conducts with a separate economic entity
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General Ledger
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all accounts used to record the company's transactions
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Internal Transactions
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events that affect the financial position of the company but do not include an exchange with a separate economic entity
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Journal
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a chronological record of all transactions affecting a firm
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Posting
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the process of transferring the debit and credit information from the journal to individual accounts in the general ledger
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T-Account
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a simplified form of a general ledger account with space at the top for the account title and two sides for recording debits and credits
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Trial Balance
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a list of all accounts and their balances at a particular date, showing that total debits equal total credits
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