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15 Cards in this Set
- Front
- Back
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The methods and procedures for collecting, classifying, summarizing, and reporting a business's financial and operating information.
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Accounting system
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Lists individual creditor accounts in alphabetical order.
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Accounts payable subsidary ledger
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Lists the individual customer accounts in alphabetical order.
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Accounts receivable subsidary ledger
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All transactions that involve the payment of cash are recorded here.
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cash payments journal
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All transactions that involve the receipt of cash are recorded here.
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cash receipts journal
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A summarizing account represented in the general ledger.
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controlling account
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When transactions are between a company and a consumer.
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e-commerce
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Can be used for entries that do not fit into any of the special journals.
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General journal
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The primary ledger that contains all of the balance sheet and income accounts.
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general ledger
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The policies and procedures that protect assets from misuse.
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internal controls
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The bill sent to the customer by the company.
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Invoice
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Where all purchases on account are recorded.
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Purchases journal
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Records a single kind of transaction that occurs frequently.
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Special journals
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Where fees earned on account are recorded.
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Revenue journal
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Where a large number of individual accounts with a common characteristic can be grouped together.
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Subsidiary ledger
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