Ch 2 The Recording Process Flashcards

1
Q

account

A

A record of increases and decreases in a specific asset, liability, or owner’s equity item. (p. 60)

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2
Q

accounting cycle

A

A series of steps followed by accountants in preparing financial statements. (p. 64)

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3
Q

chart of accounts

A

A list of accounts and the account numbers that identify where the accounts are in the ledger. (p. 71)

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4
Q

compound entry

A

A journal entry that affects three or more accounts. (p. 67)

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5
Q

credit

A

The right side of an account. (p. 60)

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6
Q

debit

A

The left side of an account. (p. 60)

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7
Q

double-entry accounting system

A

A system that records the dual (two-sided) effect of each transaction in appropriate accounts. (p. 63)

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8
Q

general journal

A

The most basic form of journal in which transactions are recorded when they are not recorded in other specialized journals. (p. 66)

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9
Q

general ledger

A

A ledger that contains accounts for all assets, liabilities, equities, revenues, and expenses. (p. 69)

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10
Q

journal

A

An accounting record where transactions are recorded in chronological (date) order. It shows the debit and credit effect of each transaction on specific accounts. (p. 66)

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11
Q

journalizing

A

The entering of transaction data in the journal. (p. 66)

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12
Q

ledger

A

A record that contains all of a company’s accounts. It keeps all the information about changes in each account in one place. (p. 69)

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13
Q

posting

A

The procedure of transferring journal entires to the ledger accounts. (p. 70)

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14
Q

recording process

A

The first three steps of the accounting cycle. (p. 65)

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15
Q

T account

A

A form of account that looks like the letter T. It has the title above the horizontal line. Debits are shown on the left of the vertical line, credits to the right. (p. 60)

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16
Q

three-column form of account

A

An account form with columns for debit, credit, and balance amounts in an account. (p. 70)

17
Q

trial balance

A

A list of the accounts in the ledger and the account balances at a specific time, usually at the end of the accounting period (p. 78)