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25 Cards in this Set
- Front
- Back
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Is a sequence of operations used to account business transactions during a specific period |
ACCOUNTING CYCLE |
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T/F Transactions are analyzed using th e rules of debit and credit |
TRUE |
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An accounting book wherein business transactions are recorded for the first time |
JOURNAL |
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Different kinds of journal |
• PURCHASES JOURNAL • SALES JOURNAL • CASH RECEIPTS JOURNAL • CASH PAYMENTS JOURNAL • GENERAL JOURNAL |
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The process of recording transactions in a journal |
JOURNALIZING |
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The record of the transaction or event is called |
JOURNAL ENTRY |
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Simplest form of journal that has only two money columns and maybe used for recording all transaction in a chronological order |
GENERAL JOURNAL |
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Indicates that either a total or a remainder follows |
SINGLE LINE BENEATH AN AMOUNT |
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Indicates that the work above the double is complete and accurate |
DOUBLE RULING |
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A journal entry which contains one debit and one credit |
SIMPLE ENTRY |
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Entry which contains • 1 debit and 2 credits • 2 or more debits and 1 credit • 2 or more debits and 2 or more credits |
COMPOUND ENTRY |
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Group of related accounts |
LEDGER |
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Oftentimes called as the book of final entry |
LEDGER |
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T/F Journal is group according to accounts while ledger is by transactions |
FALSE |
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Book of original entry |
JOURNAL |
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The process of transferring to the ledger the same information recorded in the journal |
POSTING |
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A list of account titles classified or arranged according to the financial statements wherein they appear |
CHART OF ACCOUNTS |
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Prepared as proof of equality of the debits and credits in the general ledger. |
TRIAL BALANCE |
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Is a list of all account with open balances in the general ledger |
TRIAL BALANCE |
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Proves the equality of debit and credit but it does not check or vouch the accuracy of the report |
TRIAL BALANCE |
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If the total debits of an account is more than the total credits |
DEBIT BALANCE |
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If the total credits is more than the total debits |
CREDIT BALANCE |
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T/F Trial balance does not give us the complete proof that the postings in the ledger are accurate |
TRUE |
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Is an interchange in the order of digits of a number or an erroneous rearrangement of digits |
TRANSPOSITION |
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The entire number is erroneously moved one or more spaces to the right or to the left |
TRANSPLACEMENT OR SLIDE |
