Vocab
You might've heard of Journalizing , but what's a form for recording transactions in a chronological order?
Journal
Whats the first part of the journal entry?
The Date
the process of planning, recording, analyzing and interpreting financial information.
accounting
The process of recording transactions in an accounting journal
Journalizing
Whats the second part of the journal entry?
debit
the process of planning, recording, analyzing and interpreting financial information.
Accounting system
a business form ordering a bank to pay cash from a bank account
check
Whats the third part of the journal entry?
credit
Anything of value that is owned
Asset
a invoice used as a source document for recording a sale on account.
sales invoice
Whats the fourth part of the journal entry?
source document
the amount remaining after the value of all liabilities is subtracted from the value of all assets
Owners Equity
What is a form on which a brief message is written describing a transaction?
Memorandum
Generally Accepted Accounting Principles. The standards and rules the accountants follow while recording and reporting financial activities.
GAAP