Shared Flashcard Set

Details

Accounting 230
Chapter 3-Terms
14
Accounting
Undergraduate 2
05/19/2011

Additional Accounting Flashcards

 


 

Cards

Term
Account
Definition
An individual accounting record of increases and decreases in specific asset, liability, stockholders' equity, revenue or expense items
Term
Accounting information system
Definition
The system of collecting and processing transaction data and communicating financial information to interested parties
Term
Chart of Accounts
Definition
A list of a company's accounts
Term
Credit
Definition
The right side of the account
Term
Debit
Definition
The left side of the account
Term
Double-Entry System
Definition
A system that records the dual effect of each transaction in appropriate accounts
Term
General Journal
Definition
The most basic form of journal
Term
general ledger
Definition
A ledger that contains all asset, liability, stockholders' equity, revenue, and expense accounts
Term
Journal
Definition
An accounting record in which transactions are initially recorded in chronological order
Term
Journalizing
Definition
The procedure of entering transaction data in the journal
Term
Ledger
Definition
The group of accounts maintained by a company
Term
Posting
Definition
The procedure of transferring journal entry amounts to the ledger accounts
Term
Taccount
Definition
The basic form of an account
Term
Trial Balance
Definition
A list of accounts and their balances at a given time.
Supporting users have an ad free experience!