Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
V's accountingterms4
Chapter 4
| Question | Answer |
|---|---|
| Accounting Cycle | A series of steps performed during each accounting period to classify, record, and summarize data for a business and to produce needed financial information |
| Audit Trail | A chain of references that makes it possible to trace information, locate errors, and prevent fraud |
| Balance ledger form | A ledger account form that shows the balance of the account after each entry is posted |
| Chronological Order | Organized in the order in which the events occur |
| Correcting Entry | A journal entry made to correct an erroneous entry |
| General Journal | A financial record for entering all types of business transactions; a record of original entry |
| General Ledger | A permanent, classified record of all accounts used in a firm's operation; a record of final entry |
| Journal | The record of original entry |
| Journalizing | Recording transactions in a journal |
| Ledger | The record of final entry |
| Posting | Transferring data from a journal to a ledger |
Created by:
Virajasaur
Popular Accounting sets