11 terms

Ch 2 Transaction Analysis

The account; accounting for business transactions; double entry accounting; recording transactions; the trial balance; decision guidelines
account 65
The record of the changes that have occurred in a particular asset, liability, or stockholders' equity during a period. The basic summary device of accounting.
accrued liability 66
A liability for an expense that has not yet been paid by the company.
cash 65
Money and any medium of exchange that a bank accepts at face value.
chart of accounts 90
List of a company's accounts and their account numbers.
credit 77
The right side of an account.
debit 77
The left side of an account.
journal 80
The chronological accounting record of an entity's transactions.
ledger 81
The book of accounts and their balances.
posting 64
Copying amounts from the journal to the ledger.
transaction 64
Any event that has a financial impact on the business and can be measured reliably.
trial balance 87
A list of all the ledger accounts with their balances.