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V's accountingterms4

Chapter 4

QuestionAnswer
Accounting Cycle A series of steps performed during each accounting period to classify, record, and summarize data for a business and to produce needed financial information
Audit Trail A chain of references that makes it possible to trace information, locate errors, and prevent fraud
Balance ledger form A ledger account form that shows the balance of the account after each entry is posted
Chronological Order Organized in the order in which the events occur
Correcting Entry A journal entry made to correct an erroneous entry
General Journal A financial record for entering all types of business transactions; a record of original entry
General Ledger A permanent, classified record of all accounts used in a firm's operation; a record of final entry
Journal The record of original entry
Journalizing Recording transactions in a journal
Ledger The record of final entry
Posting Transferring data from a journal to a ledger
Created by: Virajasaur
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