| Question |
Answer |
| Accounting cycle |
the accounting period of a business is separated into activities that help the business keep its accounting records in an orderly fashion. |
| source document |
a paper that is prepared as evidence of a business transaction. |
| Invoice |
a bill; a form that lists the quantity, description, unit price, and total cost of the items sold and shipped to a buyer. |
| Receipt |
a form that serves as a record of cash received. |
| Memorandum |
a brief written message that describes a transaction that takes place within a business. |
| Check stub |
a source document that lists the same information that appears on a check and shows the balance in the checking account before and after each check is written. |
| Journal |
a record of all transactions fo a business; the are in chronological order |
| Journalizing |
the process of recording business transactions in a journal. |
| Calendar year |
Period for which a business begins on January 1 and ends on December 31. |
| fiscal year |
An accounting period of twelve months. |
| General Journal |
an all purpose journal in which all the transactions of a business may be recorded. |
Biology Lab Midterm
