Exam (elaborations)
ACCT 260 chapter 3 (1)
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ACCT 260 chapter 3 (1)
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ACCT 260 chapter 3Account - ANS-An individual accounting record of increases and decreases in specific asset,
liability, stockholders' equity, revenue or expense items.
accounting information system - ANS-The system of collecting and processing transaction data
and communicating financial information to decision-makers.
accounting transactions - ANS-Events that require recording in the financial statements because
they affect assets, liabilities, or stockholders' equity.
chart of accounts - ANS-a list of a company's accounts
credit - ANS-the right side of an account
debit - ANS-the left side of an account
double- entry system - ANS-A system that records the two-sided effect of each transaction in
appropriate accounts.
General journal - ANS-the most basic form of a journal
general ledger - ANS-A ledger that contains all asset, liability, stockholders' equity, revenue, and
expense accounts.
journal - ANS-An accounting record in which transactions are initially recorded in chronological
order.
journalizing - ANS-The procedure of entering transaction data in the journal.
ledger - ANS-The group of accounts maintained by a company.
posting - ANS-The procedure of transferring journal entry amounts to the ledger accounts.
t-accounts - ANS-the basic form of an account
trial balance - ANS-a list of accounts and their balances at a given time
transaction analysis - ANS-the process of identifying the specific effects of economic events on
the accounting equation
accounts receivable - ANS-represents the right to receive payment at a later date
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