Accounting Terms and Concepts: A Comprehensive Guide, Quizzes of Financial Accounting

Download Accounting Terms and Concepts: A Comprehensive Guide and more Quizzes Financial Accounting in PDF only on Docsity! TERM 1 Accouting information system DEFINITION 1 the system that identifies, records, summarizes, and commicates the various transactions of a company TERM 2 Accounting transaction DEFINITION 2 any economic event that affects a company's assests, liabilities, or equity at the time of the event. TERM 3 Account DEFINITION 3 an accounting record that accumulates the activity of a specific item and yields the item's balance. TERM 4 Charts of accounts DEFINITION 4 the list of accounts that a company uses to capture its business activities. TERM 5 Dual nature of accounting DEFINITION 5 every accounting transaction must affect at least two accounts. TERM 6 Debit DEFINITION 6 the left side of the account TERM 7 Credit DEFINITION 7 the right side of the account TERM 8 Journal DEFINITION 8 a chronological record of transactions. TERM 9 Ledger DEFINITION 9 a collection of accounts and their balances. TERM 10 Trail balance DEFINITION 10 a listing of accounts and their balances at a specific point in time.