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Definition
| Document that identifies and describes transactions and events entering the accounting. Can be hard copies or in electric form. Ex: sales tickets, bills bank statements |
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Definition
| a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item. |
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Definition
| a record containing all accounts used by a company. Often in electric form. |
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Definition
| a liability that is settled in the future when a company delivers its products or services. Ex:Paying in advance for products/services. |
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Definition
| individuals and organizations that have rights to receive payments from a company. |
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Definition
| Assets distributed to stockholders |
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Definition
| A list of all ledger accounts and includes an identification number assigned to each account, useful for bookkeeping |
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Definition
| A tool used to understand the effects of one or more sanctions. |
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Definition
| The difference between total debits and total credits for an account, including any beginning balance. |
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Definition
| Accounting system in which each transaction affects at least two accounts and has at least one debit and one credit. |
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Term
| Journal(also known as Book of original entry) |
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Definition
| Record in which transactions are entered before they are posted to ledger accounts. |
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Definition
| The process of recording transactions in a journal. |
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Term
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Definition
| Transferring journal entry information to the ledger. |
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Term
| General Journal (Definition and what information it includes) |
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Definition
| It is one journal used to record any transaction, as opposed to having multiple journals. It includes the date of transaction, titles of affected accounts, dollar amounts of each debt&credit, and an explanation of the transaction. |
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Term
| Posting Reference(PR) Column |
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Definition
| A column in journals in which individual ledger account numbers are entered when entries are posted to those ledger accounts. |
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Term
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Definition
| An account with debit and credit columns for recording entries and another column for showing the balance of the account after each entry. |
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Term
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Definition
| a list of accounts and their balances at a point in time. Total debit must equal total credit (Exceptions include abnormal and unusual balances) |
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Definition
| Total Liabilities/ Total Assets |
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Definition
| Individuals or organizations that owe money. |
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Definition
| An entry which affects three or more accounts. |
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Term
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Definition
| Recorded on the left side of a T-account; an entry that increases asset and expense accounts, and decreases liability, revenue, and most equity accounts; abbreviated Dr. |
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Term
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Definition
| Account that records When the owners invest in a company in exchange for common stock. |
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