Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
12 Cards in this Set
- Front
- Back
|
Account:
|
An individual accounting record of increases and decreases in specific asset, liability, and stockholders' equity items.
|
|
|
Accounting Information System:
|
The system of collecting and processing transaction data and communicating financial information to interested parties.
|
|
|
Chart of Accounts:
|
A list of a company's accounts.
|
|
|
Credit:
|
The right side of an account.
|
|
|
Debit:
|
The left side of an account.
|
|
|
Double-entry system:
|
A system that records the dual effect of each transaction in appropriate accounts.
|
|
|
General Journal:
|
The most basic form of journal.
|
|
|
General Ledger:
|
A ledger that contains all asset, liability, and stockholder's equity accounts.
|
|
|
Journal:
|
An accounting record in which transactions are initially recorded in chronological order.
|
|
|
Journalizing:
|
The procedure of entering transaction data in the journal.
|
|
|
Ledger:
|
The group of accounts maintained by a company.
|
|
|
Posting:
|
The procedure of transferring journal entries to the ledger accounts.
|
