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Accounting Chapter 4

QuestionAnswer
The arithmetic sum of the additions and subtractions to an account through a given date. account balance
The process of recognizing revenue that has been earned but not collected, or an expense that has been incurred but not paid. accural
Describes revenue that has been earned and a related asset that will be collected, or an expense that has been incurred and a related liability that will be paid. accured
An entry usually made during the process of "closing the books" that results in more accurate financial statements. Adjustments involve accruals and reclassifications. adjustment
In bookkeeping, a synonym for debit. charge
An index of the accounts contained in a ledger. chart of accounts
The process of posting transactions, adjustments, and closing entries to the ledger and preparing the financial statements. closing the books
The right side of an account. A decrease in asset and expense accounts; an increase in liability, owners' equity, and revenue accounts. credit
The left side of an account. An increase in asset and expense accounts; a decrease in liability, owners' equity, and revenue accounts. debit
A journal entry or a posting to an account. entry
representation of the balance sheet and income statement relationship that is useful for understanding the effects of transactions and adjustments on the financial statements. horizontal model
A chronological record of transactions. journal
A description of a transaction in a format that shows the debit account(s) and amount(s) and credit account(s) and amount(s). journal entry
A book or file of accounts. ledger
Used to describe a purchase or sale transaction for which cash will be paid or received at a later date. A "credit" transaction. on account
The process of recording a transaction in the respective ledger accounts using a journal entry as the source of the information recorded. post
Evidence of a transaction that supports the journal entry recording the transaction. source document
An account format with a debit (left) side and a credit (right) side. T-Account
Economic interchanges between entities that are accounted for and reflected in financial statements. transactions
transaction analysis methodology process of answering 5 questions to ensure a transaction is understood: 1. What's going on? , 2. What accounts are affected? ,3. How are they affected? ,4. Does the balance sheet balance? (Do the debits equal the credits?),5. Does my analysis make sense?
Created by: emilystracy
 

 



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