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Accounting Chapter2
Analyzing and Recording Transactions
| Question | Answer |
|---|---|
| What are source documents? | Sources of information for accounting entries that can be either paper or electronic form; also called "business papers" |
| What are some examples of source documents? | checks, bills from suppliers, sales tickets, purchase orders, employee earning records |
| What is an account? | A record within an accounting system in which increases and decreases are entered and stored in a specific asset, liability, equity, revenue, or expense. |
| What happens to information in an account? | Iformation in an account is analyzed, summarized, and presented in reports and financial statements. |
| ledger(general ledger) | A record containing all accounts used by a company. |
| Arrangement of Accounts | Assets Accounts, Liability Accounts, and Equity Accounts |
| Reflects(shows) a company's cash balance. | Cash Account |
| Accounts held by a seller and refer to promises of payment from customers to sellers. | Accounts Receivable |
| Customer payments are increased and decreased by which asset account? | Accounts Receivable |
| A written promise of another entity to pay a definite sum of money on a specified future date to the holder of the note. | Note Receivable(Promissory Note) |
| Assets that are represented prepayments of future expenses(not current expenses. | Prepaid Accounts |
Created by:
Nerdy_Me_90
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