Viewing All Flashcards for Financial Accounting Chapter 3
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1)
An individual accounting record ofincreasesand decreases in specific asset, liability , stockholders' equity, revenue orexpenseitems
The system of collecting and precessing transaction data and communicating financialinformationto interested parties
Eventsthat requirerecordingin thefinancialstatementsbecausethey affectassets,liabilitiesor stockholders' equity
A list ofcompany'saccount
5)
The right side of an account
6)
The left side of an account
A system that records the dual effect of each transaction in appropriate accounts
The most basic form of journal
A ledger that contains all assets, liability, stockholders' equity, revenue and expense accounts
10)
An accounting record in which transactions are initially recorded in chronological order
11)
Theprocedureof entering transaction data in thejournal
12)
The group of accounts maintained by a company
13)
The procedure of transferringjournalentryamounts to the ledger accounts
14)
The basic form of an account
15)
A list of accounts and their balances at a given time