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Chapter 6
Key Terms
| Term | Definition |
|---|---|
| accounting cycle | activities performed in an accounting period that help the business keep its records in an orderly fashion |
| calendar year | January 1 to December 31 |
| check stub | lists info from check; date written, entity written to, amount of check, balance before and after check was written |
| fiscal year | an accounting period of twelve months |
| general journal | all-purpose journal useable for all types of transaction |
| invoice | lists specific information about a business transaction involving the buying or selling of an item on account; contains the date of transaction, quantity, description, cost of each item, payment terms |
| journal | record of transactions of a business; kept in chronological order |
| journalizing | process of recording transactions in a journal |
| memorandum | brief written message describing a transaction that takes place within a business; used usu. in lack of source document |
| receipt | record of cash received by a business; indicates date payment received, name of payment sender, and amount of payment |
| source document | evidence of a business transaction |
Created by:
talenswan1
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