Chapter 5
Help!
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| accounting system | the methods and procedures used by a business to collect, classsify, summarize, and report financial data for use by management and external users
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| accounts payable subsidiary ledger | the subsidiary ledger containing the individual accounts with supplies (creditors)
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| accounts receivable subsidiary ledger | the subsidiary ledger containing the individual accounts with customers
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| cash payment journal | the special journal in which all cash payments are recorded
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| cash receipts journal | the special journal in which all cash receipts are recorded
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| controlling account | the account in the general ledger that summarize the balances of the accounts in a subsidiary ledger
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| database | the part of a computer system that collects, stores, and organizes information so it can be quickly retrieved
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| e-commerce | the use of the internet for performing business transactions
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| general journal | the two-column form used for entries that do not "fit" in any of the special journals
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| general ledger | the primary ledger, when used in conjunction with subsidiary ledgers, that contains all of the balance sheet and income statement accounts
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| internal controls | the policies and procedures used to safeguard assets, ensure accurate business information, and ensure compliance with laws and regulations.
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| purchases journal | the journal in which all items purchased on account are recorded
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| revenue journal | the journal in which all sales and services on account are recorded
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| special journals | journals designed to be used for recording a single type of transaction
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| subsidiary ledger | a ledger containing individual accounts with a common characteristic
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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