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12 Cards in this Set

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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.