In a manual accounting system, the document in which transactions are initially recorded chronologically
Generally Accepted Accounting Principles (GAAP)
Principles used to prepare the financial statements of a company. They consist of both formal accounting regulations and procedures mandated by regulatory agencies, and of traditionally used accounting procedures.
Adjusting Journal Entries
Adjustments made to accounts at certain periods of time, such as the end of the month or the end of the fiscal year, to bring the balances up to date
Dollar amount recorded in the left column of an account. Depending on the account, it either increases or decreases the balance in the account.
Dollar amount recorded in the right column of an account. Depending on the account, it either increases or decreases the balance in the account.
The purchases journals, sales journals, cash receipts journal, and cash payments journal.
Chart of Accounts List
The list of accounts a company uses as it conducts its business
The document where transactions are summarized by account
A report containing all the general ledger account names, their respective debit or credit balances, and the total debits and total credits.