Flashcards in CH5 - Accounting Systems Deck (13):
The methods and procedures used by a business to collect, classify, summarize, and report financial data for use by management and external users.
The special journal in which all cash payments are recorded.
cash payments journal
The special journal in which all cash receipts are recorded.
cash receipts journal
The account in the general ledger that summarizes the balances of the accounts in a subsidiary ledger.
The use of the Internet for performing business transactions.
The two-column form used for entries that do not “fit” in any of the special journals.
The primary ledger, when used in conjunction with subsidiary ledgers, that contains all of the balance sheet and income statement accounts.
The policies and procedures used to safeguard assets, ensure accurate business information, and ensure compliance with laws and regulations.
The bill that the seller sends to the buyer.
journal in which all items purchased on account are recorded.
The journal in which all sales and services on account are recorded.
Journals designed to be used for recording a single type of transaction.