Accounting 101-Chapter 3

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Author:
davecowman
ID:
303953
Filename:
Accounting 101-Chapter 3
Updated:
2015-06-11 20:38:18
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Chapter3
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Processing Accounting Information
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  1. Event
    A happening of consequence to an entity.
  2. External Event
    An event involving interaction between an entity and its environment
  3. Internal event
    An event occurring entirely within an entity
  4. Transaction
    Any event that is recognized in a set of financial statments
  5. Source document
    A piece of paper that is used as evidence to record a transaction.
  6. Account
    A record used to accumulate amounts for each individual asset, liability, revenue, expense, and component and stockholder's equity.
  7. Charts of accounts
    A numerical list of all accounts used by a company
  8. General Ledger
    A book, a file, a hard drive, or another device containing all of the accounts.
  9. Debit
    An entry on the left side of an account.
  10. Credit
    An entry on the right side of an account.
  11. Double-entry System
    A system of accounting in which every transaction is recorded with equal debits and credits and the accounting equation is kept in balance.
  12. Journal
    A chronological record of transactions
  13. Posting
    The process of transferring amounts from a journal to the ledger accounts.
  14. Journalizing
    The act of recording journal entries
  15. General journal
    The journal used in place of a specialized journal.
  16. Trial balance
    A list of each account and its balance; used to prove equality of debits and credits.

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