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Chapter 3 Accounting
Chapter 3 Accounting
15
Accounting
Undergraduate 4
09/18/2012

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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 decision makers.
Term
Accounting transactions
Definition
Events that require recording in the financial statements because they affect assets, liabilities, or stockholders' equity.
Term
Chart of accounts
Definition
A list of a company's accounts.
Term
Credit
Definition
The right side of an account.
Term
Debit
Definition
The left side of an account.
Term
Double-entry system
Definition
A system that records the two-sided 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
Journalizing
Definition
The procedure of entering transaction data in the journal.
Term
Journal
Definition
An accounting record in which transactions are initially recorded in chronological order.
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
T account
Definition
The basic form of an account.
Term
Trial balance
Definition
A list of accounts and their balances at a given time.
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