1.
Account: a record used to accumulate amounts for each individual asset, liability, revenue, expense, and component of stockholders' equity
2.
Chart of Accounts: a numerical list of all accounts used by a company
3.
Credit: an entry on the right side of an account
4.
Debit: an entry on the left side of an account
5.
Double-entry system: a system of accounting in which every transaction is recorder with equal debits and credits and the accounting equation is kept in balance
6.
Event: a happening of consequence to an entity
7.
External event: an event involving interactionbetween an entity and its environment
8.
General journal: the journal used in place of a specialized journal
9.
General ledger: a book, file, hard drive, or another device containing all of the accounts (set of accounts)
10.
Internal event: an event occuring entirely within an entity
11.
Journal: A chronological record of transactions (book of original entry)
12.
Journalizing: the act of recording journal entries
13.
Posting: the process of transferring amounts from a journal to the ledger accounts
14.
Source document: a piece of paper that is used as evidence to record a transaction
ex: invoice, cash register tape, time card
15.
Transaction: any event that is recognized in a set of financial statements
16.
Trial balance: a list of each account and its balance; used to prove equality of debits and credits