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Accounting Ch3 & Ch4

Account An individual accounting record of increases and decreases in specific asset, liability, stockholders' equity, revenue or expense items
Accounting Information System the system of collecting and processing transaction data and communicating financial information to decision makers
Accounting Transactions events that require recording in the financial statements because they affect asset, liabilities, or stockholders' equity
Chart of Accounts a list of a company's accounts
Credit the right side of an account
Debit the left side of an account
Double-entry System a system that records the two-side effect of each transaction inappropriate accounts
General Journal the most basic form of journal
General Ledger a ledger that contains all asset, liability, stockholders' equity, revenue, and expense accounts
Journal an accounting record in which transactions are initially recorded in chronological order
Journalizing the procedure of entering transaction data in the journal
Ledger the group of accounts maintained by a company
Posting the procedure of transferring journal entry amounts to the ledger accounts
T account the basic form of an account
trial balance a list of accounts and their balances at a given time
Created by: NickUD