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Accounting
Accounting Ch3 & Ch4
| Term | Definition |
|---|---|
| Account | An individual accounting record of increases and decreases in specific asset, liability, stockholders' equity, revenue or expense items |
| Accounting Information System | the system of collecting and processing transaction data and communicating financial information to decision makers |
| Accounting Transactions | events that require recording in the financial statements because they affect asset, liabilities, or stockholders' equity |
| Chart of Accounts | a list of a company's accounts |
| Credit | the right side of an account |
| Debit | the left side of an account |
| Double-entry System | a system that records the two-side effect of each transaction inappropriate accounts |
| General Journal | the most basic form of journal |
| General Ledger | a ledger that contains all asset, liability, stockholders' equity, revenue, and expense accounts |
| Journal | an accounting record in which transactions are initially recorded in chronological order |
| Journalizing | the procedure of entering transaction data in the journal |
| Ledger | the group of accounts maintained by a company |
| Posting | the procedure of transferring journal entry amounts to the ledger accounts |
| T account | the basic form of an account |
| trial balance | a list of accounts and their balances at a given time |
Created by:
NickUD
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