Accounting Chp. 5
Terms in this set (15)
The methods and procedures used by a business to collect, classify, summarize, and report financial data for use by management and external users.
Accounts payable subsidiary ledger
The subsidiary ledger containing the individual accounts with suppliers (creditors).
Accounts receivable subsidiary ledger
The subsidiary ledger containing the individual accounts with customers.
Cash payments journal
The journal for recoding all payments of cash. The special journal in which all cash payments are recorded.
Cash receipts journal
The journal for recording all receipts of cash. The special journal in which all cash receipts are recorded.
The account in the general ledger that summarizes the balances of the accounts in a subsidiary ledger.
The use of the internet for performing business transactions.
The two-column form used for entries that do not "fit" in the any of the special journals.
The primary ledger, when used in the conjunction with subsidiary ledgers, that contains all of the balance sheet and income statement account.
The policies and procedures used to safeguard the assets, ensure accurate business information, and ensure compliance with laws and regulations.
The bill that the seller sends to the buyer.
The journal for recording purchases of any item on account. The journal in which all items purchased in account are recorded.
The Journal for recording the rendering of services on account. The journal in which all sales and services on account are recorded.
Journals designed to be used for recording a single type of transactions.
A ledger containing individual accounts with a common characteristic.