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Chapter 6 Accounting
| Term | Definition |
|---|---|
| accounting cycle | activities performed in an accounting period that help the business keep its records in an orderly fashion |
| source document | a paper prepared as evidence that a transaction occured |
| invoice | a source document that lists the quantity, description, unit price, and total cost of the items sold and shipped to a buyer |
| receipt | a source document that serves as a record of cash received |
| memorandum | a brief written message that describes a transaction that takes place within a business |
| check stub | a source document that lists the same information that appears on a check and shows the balance in the checking account before and after each check is written |
| journal | a chronological record of the transactions of a business |
| journalizing | the process of recording business transactions in a journal |
| fiscal year | an accounting period of 12 months |
| calendar year | accounting period that begins on January 1 and ends on December 31 |
| general journal | an all-purpose journal in which all the transactions of a business may be recorded |
Created by:
Janna.Curtis
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