Shared Flashcard Set

Details

chapter 4
general journal
11
Accounting
12th Grade
09/22/2011

Additional Accounting Flashcards

 


 

Cards

Term
journal
Definition
business' diary
[chronological order]
-record of original entry-
Term
accounting cycle
Definition
series of steps during each accounting period
[classify-summarize-produce info]
Term
general journal
Definition
financial record entering all types of business transaction
Term
journalizing
Definition
recording transactions in general journal
Term
audit trail
Definition
chain of reference makes possible to trace information-locate errors-prevent fraud
Term
compound entry
Definition
journal entry which contains more than one debit or credit
Term
ledger
Definition
account forms in book or binder
Term
posting
Definition
process of transferring data from journal to ledger
Term
general ledger
Definition
master reference file for accounting system
Term
balance ledger form
Definition
shows balance of account after each entry
Term
correcting entry
Definition
journal entry made to correct the erroneous entry
Supporting users have an ad free experience!