1. Home
  2. Flashcards
  3. Preview

Accounting- Chapter 3: Recording Accounting Transactions

The flashcards below were created by user noblewhit on FreezingBlue Flashcards.

  1. Accounting Information System
    System that identifies, records, summarizes, and communicates the various transactions of a company.
  2. Accounting Transaction
    Any economic event that affects a company's assets, liabilities or equity at the time of the event.
  3. Account
    An accounting record that accumulates the activity of a specific item and yields the item's balance.
  4. Chart of Accounts
    A listing of the various accounts that a company uses to capture its business.
  5. Dual Nature of Accounting
    Every accounting transaction must affect at least 2 accounts.
  6. Debit
    The left side of an account.
  7. Credit
    The right side of an account
  8. Journal
    A chronological record of transactions.
  9. Ledger
    A collection of accounts and their balances.
  10. Trial balance
    A listing of accounts and their balances at a specific point in time.
Author:
 noblewhit
ID:
 136758
Card Set:
 Accounting- Chapter 3: Recording Accounting Transactions
Updated:
2012-02-21 19:06:17
Tags:
Accounting Recording Transactions
Folders:

Description:
Accounting 2110-Recording Accounting Transactions
Show Answers:

  1. Home
  2. Flashcards
  3. Preview