Chp 3. Vocabs (Financial Accounting)
Terms in this set (19)
An individual accounting record of increases and decreases in specific assests, 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
Economic events that require recording in the financial statements because they affect assets, liabilities or stockholders' equity
Chart of Accounts
A list of a company's account
A recompense or payment, as for work done; compensation
The right side of an account
the left side of an account
A system that records the dual effect of each transaction in appropriate accounts
Every transaction has a dual effect (where the money came from, where the money goes to).
utilizes accountng, auditing, and investigative skills to conduct an examination into a companys financial statements. Thus, providing an accounting analysis that is suitable for court
the most basic form of journal
A ledger that contains all asset, liability, stockholders' equity, revenue, and expense accounts
An accounting record in which transactions are initially recorded in chronological order
The procedure of entering transaction data in the journal.
The group of accounts maintained by a company
The procedure of transferring journal entry amounts to the ledger accounts
Check, cash register slip, deposit slip, invoice, voucher, etc., that evidences a business dealing, are a critical part of an audit trial for establishing the authenticity, and tracing the history, of a transaction.
The basic form of an account
A list of accounts and their balances at a given time.
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