Journalize Transactions

Question 1

A multi-step process of identifying, analyzing, recording, and processing a company’s financial transactions over an accounting period.

Answer 1

Accounting Cycle

Question 2

A report provided by a bank that outlines and summarizes an account holder’s bank account transactions that occurred during a specific month.

Answer 2

Bank Statement

Question 3

a form of payment that is dated and signed by the payor, directing the payors bank to pay a specific amount of money to the person the check is written, that is, to the payee

Answer 3

Check

Question 4

A system for processing and maintaining accounting records using a computer

Answer 4

Computerized Accounting System

Question 5

a formal record of a transaction in a journal, commonly called a “
journal entry”

Answer 5

Entry

Question 6

The “general purpose” journal where company transactions are recorded

Answer 6

General Journal

Question 7

a time stamped document outlining the goods or services sold, total amount owed, and the terms/methods of payment

Answer 7

Invoice

Question 8

a detailed record of financial transactions in order by date

Answer 8

Journal

Question 9

the process of recording transactions in a journal

Answer 9

Journalizing

Question 10

a system for processing and maintaining accounting records by hand

Answer 10

Manual Accounting System

Question 11

A document with a short message outlining a transaction

Answer 11

Memorandum

Question 12

A statement confirming that payment was received for the purchase of goods and/or services

Answer 12

Receipt

Question 13

A physical or electronic paper trail that verifies the occurrence and details of a transaction

Answer 13

Source Document