Accounting- Chapter 3: Recording Accounting Transactions

System that identifies, records, summarizes, and communicates the various transactions of a company.

Any economic event that affects a company's assets, liabilities or equity at the time of the event.

An accounting record that accumulates the activity of a specific item and yields the item's balance.

A listing of the various accounts that a company uses to capture its business.

Every accounting transaction must affect at least 2 accounts.

The left side of an account.

The right side of an account

A chronological record of transactions.

A collection of accounts and their balances.

A listing of accounts and their balances at a specific point in time.