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Stack #138981
| Question | Answer |
|---|---|
| Account | The record of the changes that have occurred in a particular asset, liability, or stockholders' equity during a period. The basic summary device of accounting. |
| accrued liability | A liability for an expense that has not yet been paid by the company |
| cash | Money and any medium of exchange that banks accept at face value |
| chart of accounts | List of a company's accounts and their account numbers. |
| credit | The right side of an account |
| debit | the left side of an account |
| journal | The chronological accounting record of an entity's transaction |
| ledger | The book of accounts and their balances |
| posting | Copying amounts from the journal to the ledger |
| prepaid expense | A category of miscellaneous assets that typically expire or get used up in the near future. Ex. prepaid rent, prepaid insur., supplies |
| transaction | Any event that has a finanacial impact on the business and can be measured reliably |
| trial balance | A list of all the ledger accounts with their balances |
Created by:
ldutchik
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