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Actg 11
ch 2 voab
| Question | Answer |
|---|---|
| provides a chronological record of all transactions | journal |
| a method for transactions using a debit/credit form | journal entry |
| the process of transferring the debit and credit information from the journal to individual accounts in the general ledger | posting |
| includes all accounts used to record the company's transactions | general ledger |
| a record of all transactions affecting the balance of a particular asset, liability, stockholders' equity, revenue, or expense account | account |
| a simplified form of a general ledger account | T-account |
| a list of all accounts and their balances at a particular date, providing a check on whether total debts = credits | trial balance |
| transactions btwn company and a separate economic entity | external transactions |
| do not incl an exchange w a separate economic entity (but still affects the financial position of the company) | internal transactions |
| What type of economic events are recognized in the accounting records? | - activities that affect a company's financial position - measurable in monetary terms |
| Measuring external transactions | 1. use source documents to identify accounts affected 2. analyze the impact of the transaction on the acc equation 3. asses whether debit/credit 4. record 5. post the transaction to T-account 6. prepare trial balance |
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