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Chapter 6 key terms

QuestionAnswer
Accounting Cycle The accounting period of a business is separated into activities called the accounting cycle.
Source Document When a business transaction occurs, a paper is prepared as evidence of that transaction.
Invoice Lists specific info about a business transaction involving the buying or selling of an item on account. The invoice contains the date of the transaction; the quantity, description, and cost of each item; and the payment terms.
Receipt A record of cash received by a business. it indecates the date the payment was received, the name of the person or business. A memorandum is often used if no other source document exists for the business transaction.
Memorandum A brief written message that describes a transaction that takes place within a business. A memorandum is often used if no other source document exists for the business transaction
Check stub The check stub lsits the same info that appears on a check: the date written, the person or buss. to whom the check was written, the amount of the check. The check stub also shows the balance in the checking account before & after each check was wriiten
Journal Is a record of the transaction of a business.
Journalizing The process of recording business transactions in a journal.
Fiscal year An account period of 12 months.
Calendar year A business that begins on january 1 and ends on december 31
Created by: brookelynshoward