Accounting- Chapter 3: Recording Accounting Transactions
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Accounting Information System
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.
Chart of Accounts
A listing of the various accounts that a company uses to capture its business.
Dual Nature of Accounting
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.
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