Accounting CH.6 quiz review
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when the accounting period of a business is separated into activities
When a business transaction occurs, a paper is prepared as evidence of that transaction.
- lists specific information about a business transaction
- involving the buying or selling of an item on account. Contains the date of the transaction, the quantity, description, and cost of each item, and the payment terms.
a record of cash received by a business, It indicates the date the payment was received the name of the person or business from whom the payment was received, and the amount of payment.
is a brief written message that describes a transaction that takes place within a business. Often used if no other source exists for the business transaction
lists the same information that appears on check, the date written, the person or business to whom the check was written and the amount of the check. also shows the balance in the checking account before and after each check is written.
- the record of the transactions of a business, it is put into
- chronological order.
the process of recording business transactions.
- accounting period that begins in January 1 and ends on
- December 31
an accounting period of 12 months
an all-purpose journal in which all of the transactions of a business may be recorded
collect and verify source documents
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