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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 occurred |
| invoice | A source document that lists the quantity, description, unit price, and total cost of the items sold and shipped to a buyer |
| reciept | 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 twelve months |
| calendar year | Accounting period that begins on January 1 and ends on December 31 |
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