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  • 9.4.1 Transaction Processing Systems
  • 9.4.1 Transaction Processing Systems
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ACCT 260 chapter 3 (1)

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ACCT 260 chapter 3 (1)

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ACCT 260 chapter 3
Account - 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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