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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 |
| Calendar Year | Accounting period that begins on January 1 and end December 31 |
| 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 |
| Fiscal Year | An accounting period of twelve months |
| General Journal | An all-purpose journal in which all the transactions of a business may be recorded |
| Invoice | A source document that lists the quantity, description, unit price, and total cost if the items sold and shipped to a buyer |
| Journal | A chronological record of the transaction of a business |
| Journalizing | The process of recording business transaction in a journal |
| Memorandum | A brief written messages that describes a transaction that takes place within a business |
| Receipt | A source document that serves as a record of cash received |
| Source Document | A paper prepared as evidence that a transaction occurred |
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