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General Journal
Parson - Chp 6
| Question | Answer |
|---|---|
| Accounting cycle | the accounting period of a business is separated into activities that help the business keep its accounting records in an orderly fashion. |
| source document | a paper that is prepared as evidence of a business transaction. |
| Invoice | a bill; a form that lists the quantity, description, unit price, and total cost of the items sold and shipped to a buyer. |
| Receipt | a form 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 record of all transactions fo a business; the are in chronological order |
| Journalizing | the process of recording business transactions in a journal. |
| Calendar year | Period for which a business begins on January 1 and ends on December 31. |
| 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. |
Created by:
yparson
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