Accounting Ch3 & Ch4
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Account | An individual accounting record of increases and decreases in specific asset, liability, stockholders' equity, revenue or expense items
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| Accounting Information System | the system of collecting and processing transaction data and communicating financial information to decision makers
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| Accounting Transactions | events that require recording in the financial statements because they affect asset, liabilities, or stockholders' equity
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| Chart of Accounts | a list of a company's accounts
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| Credit | the right side of an account
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| Debit | the left side of an account
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| Double-entry System | a system that records the two-side effect of each transaction inappropriate accounts
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| General Journal | the most basic form of journal
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| General Ledger | a ledger that contains all asset, liability, stockholders' equity, revenue, and expense accounts
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| Journal | an accounting record in which transactions are initially recorded in chronological order
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| Journalizing | the procedure of entering transaction data in the journal
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| Ledger | the group of accounts maintained by a company
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| Posting | the procedure of transferring journal entry amounts to the ledger accounts
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| T account | the basic form of an account
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| trial balance | a list of accounts and their balances at a given time
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To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
NickUD
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