CH5 - Accounting Systems Flashcards Preview

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Flashcards in CH5 - Accounting Systems Deck (13):
1

The methods and procedures used by a business to collect, classify, summarize, and report financial data for use by management and external users.

accounting system

2

The special journal in which all cash payments are recorded.

cash payments journal

3

The special journal in which all cash receipts are recorded.

cash receipts journal

4

The account in the general ledger that summarizes the balances of the accounts in a subsidiary ledger.

controlling account

5

The use of the Internet for performing business transactions.

e-commerce

6

The two-column form used for entries that do not “fit” in any of the special journals.

general journal

7

The primary ledger, when used in conjunction with subsidiary ledgers, that contains all of the balance sheet and income statement accounts.

general ledger

8

The policies and procedures used to safeguard assets, ensure accurate business information, and ensure compliance with laws and regulations.

internal controls

9

The bill that the seller sends to the buyer.

invoice

10

journal in which all items purchased on account are recorded.

purchases journal

11

The journal in which all sales and services on account are recorded.

revenue journal

12

Journals designed to be used for recording a single type of transaction.

special journals

13

A ledger containing individual accounts with a common characteristic.

subsidiary ledger