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Prin. Acct. Ch. 7

Terms and Definitions

QuestionAnswer
Accounting Information System A system that collects and processes transaction data, and communicates financial information to decision makers.
Accounts Payable(creditors') Subsidiary Ledger A subsidiary ledger that collects transaction data of individual creditors.C
Accounts Receivable (customers') Subsidiary Ledger A subsidiary ledger that collects transaction data of individual customers.
Cash Payments (disbursements) Journal A special journal that records all cash paid.
Cash Receipts Journal A special journal that records all cash received.
Control Account An account in the general ledger that summarizes subsidiary ledger.
Manual Accounting System A system in which someone performs each of the steps in the accounting cycle by hand.
Purchases Journal A special journal that records all purchases of merchandise on account.
Sales Journal A special journal that records all sales of merchandise on account.
Special Journal A journal that records similar types of transactions such as credit sales.
Subsidiary Ledger A group of accounts with a common characteristic.
Popular Accounting sets

 

 



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