Acctg Ch4 Vocab

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Accounting cycle

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A series of steps performed during each accounting period to classify, record, and summarize data for a business and to produce needed financial information

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Audit trail

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A chain of references that makes it possible to trace information, locate errors, and prevent fraud

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Balance ledger form

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A ledger account form that shows the balance of the account after each entry is posted

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Chronological order

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Organized in the order in which the events occur

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Compound entry

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A journal entry with more than one debit or credit

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Correcting entry

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A journal entry made to correct an erroneous entry

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General journal

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A financial record for entering all types of business transactions; a record of original entry

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General ledger

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A permanent, classified record of all accounts used in a firm's operation; a record of final entry

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Journal

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The record of original entry

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Journalizing

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Recording transactions in a journal