Chapter 5
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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 |
| accounts payable subsidiary ledger | the subsidiary ledger containing the individual accounts with supplies (creditors) |
| accounts receivable subsidiary ledger | the subsidiary ledger containing the individual accounts with customers |
| cash payment journal | the special journal in which all cash payments are recorded |
| cash receipts journal | the special journal in which all cash receipts are recorded |
| controlling account | the account in the general ledger that summarize the balances of the accounts in a subsidiary ledger |
| database | the part of a computer system that collects, stores, and organizes information so it can be quickly retrieved |
| e-commerce | the use of the internet for performing business transactions |
| general journal | the two-column form used for entries that do not "fit" in any of the special journals |
| general ledger | the primary ledger, when used in conjunction with subsidiary ledgers, that contains all of the balance sheet and income statement accounts |
| internal controls | the policies and procedures used to safeguard assets, ensure accurate business information, and ensure compliance with laws and regulations. |
| purchases journal | the journal in which all items purchased on account are recorded |
| revenue journal | the journal in which all sales and services on account are recorded |
| special journals | journals designed to be used for recording a single type of transaction |
| subsidiary ledger | a ledger containing individual accounts with a common characteristic |
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