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12 Cards in this Set
- Front
- Back
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Accounting cycle |
A series of steps performed during each accounting period to classify, record abd summarizing data for a business and to produce needed financial info |
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audit Trail |
A chain of references that makes it possible to trace information, locate errors and prevent fraud |
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Balance ledger form |
A ledger account form that shows the balance of the after each entry is posted |
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chronological order |
Organized in the order in which the 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 a record of original entry |
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General ledger |
A permanent, classified record of all accounts used in a firms operation; a record of final entry |
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Journal |
The record of original entry |
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Journaling |
Recording transactions in a journal |
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Ledger |
The record of final entry |
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Post |
Transferring data from a journal to a ledger |
