Accounting- Chapter 3: Recording Accounting Transactions

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Author:
noblewhit
ID:
136758
Filename:
Accounting- Chapter 3: Recording Accounting Transactions
Updated:
2012-02-21 14:06:17
Tags:
Accounting Recording Transactions
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Description:
Accounting 2110-Recording Accounting Transactions
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  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.

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