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Ch 4 APA 101 Def

TermDefinition
Accounting Cycle A series of steps performed during each accounting period to classify, record, and summarize data for a business and to produce needed financial information.
Journal Diary of business activities
Chronological order In order in which they occur
General journal Financial record for entering all types of business transactions
Journalizing Process of recording transactions in the general journal
Audit trail Chain of references that makes it possible to locate errors and prevent fraud
Compound Entry A journal entry that contains more than one debit or credit
Ledger The record of final entry because the ledger is the last place that accounting transactions are recorded
Posting Process of transferring data from the journal to the ledger, takes places after transactions are journalized, third step of accounting system
General ledger Master reference file for the accounting system, provides a permanent classified record of all accounts used in a firms operations
Balance ledger form Shows the balance of the account after each entry is posted
Correcting entry A journal entry made to correct the erroneous entry
Created by: Flmntx88
 

 



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