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Stack #138981

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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