+
Related Flashcards
Related Topics
Cards In This Set
| Front | Back |
|
Account
|
A record of increases and decreases in specific asset, liability, and stockholder's equity items.
|
|
Chart of Accounts
|
A list of accounts and the account numbers that identify their location in the ledger.
|
|
Common Stock
|
Issued in exchange for the owner's investment paid in to the corporation.
|
|
Compound Entry
|
A journal entry that involves three or more accounts.
|
|
Credit
|
The right side of an account.
|
|
Debit
|
The left side of an account.
|
|
Dividend
|
A distribution by a corporation to its stockholders on a pro rata (equal) basis.
|
|
Double-entry system
|
A system that records in appropriate accounts the dual effect of each transaction.
|
|
General Journal
|
The most basic form of journal.
|
|
Journal
|
An accounting record in which transactions are initially recorded in chronological order.
|
|
Journalizing
|
The entering of transaction data in the journal.
|
|
Ledger
|
The entire group of accounts maintained by a company.
|
|
Normal Balance
|
An account balance on the side where an increase in the account is recorded.
|
|
Posting
|
The transfer of journal entries to the ledger accounts.
|
|
Retained Earnings
|
Net income that is kept (retained) in the business.
|
