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15 Cards in this Set
- Front
- Back
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Accounting Cycle
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The procedure for analyzing, recording, summarizing, and reporting the transactions of a business.
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Business Documents
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Records of transactions used as the basis for recording accounting entries; include invoices, check stubs, receipts, and similar business papers.
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Account
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An accounting record in which the results of transactions are accumulated; shows increases, decreases, and a balance.
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T-account
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A simplified depiction of an account in the form of a letter T.
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Debit
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An entry on the left side of a T-account.
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Credit
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An entry on the right side of a T-account.
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Dividends
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Distributions to the owners (stockholders) of a corporation.
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Journal
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An accounting record in which transactions are first entered; provides a chronological record of all business activities.
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Journalizing
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Recording transactions in a journal.
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Journal Entry
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A recording of a transaction where debits equal credits; usually includes a date and an explanation of the transaction.
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Compound Journal Entry
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A journal entry that involves more than one debit or more than one credit or both.
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Posting
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The process of transferring amounts from the journal to the ledger.
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Ledger
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A book of accounts in which data from transactions recorded in journals are posted and thereby summarized.
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Chart of Accounts
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A systematic listing of all accounts used by a company.
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Trial Balance
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A listing of all account balances; provides a means of testing whether total debits equal total credits for all accounts.
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