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Prin. Acct. Ch. 7
Terms and Definitions
Question | Answer |
---|---|
Accounting Information System | A system that collects and processes transaction data, and communicates financial information to decision makers. |
Accounts Payable(creditors') Subsidiary Ledger | A subsidiary ledger that collects transaction data of individual creditors.C |
Accounts Receivable (customers') Subsidiary Ledger | A subsidiary ledger that collects transaction data of individual customers. |
Cash Payments (disbursements) Journal | A special journal that records all cash paid. |
Cash Receipts Journal | A special journal that records all cash received. |
Control Account | An account in the general ledger that summarizes subsidiary ledger. |
Manual Accounting System | A system in which someone performs each of the steps in the accounting cycle by hand. |
Purchases Journal | A special journal that records all purchases of merchandise on account. |
Sales Journal | A special journal that records all sales of merchandise on account. |
Special Journal | A journal that records similar types of transactions such as credit sales. |
Subsidiary Ledger | A group of accounts with a common characteristic. |