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Accounting

Chapter 5

QuestionAnswer
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
Created by: vpburney