Accounting Terms Flashcards

Accounting Terms Flashcards

Assessment

Flashcard

Business

11th Grade

Practice Problem

Easy

Created by

Sumbulatin Khabbah

Used 2+ times

FREE Resource

Student preview

quiz-placeholder

15 questions

Show all answers

1.

FLASHCARD QUESTION

Front

A financial event involving the exchange of goods, services, or money between two parties.

Back

Transaction

2.

FLASHCARD QUESTION

Front

A chronological record of all financial transactions before they are posted to the ledger.

Back

Journal

3.

FLASHCARD QUESTION

Front

A book or digital record containing all accounts where transactions from the journal are posted.

Back

Ledger

4.

FLASHCARD QUESTION

Front

An entry on the left side of an account that increases assets or expenses and decreases liabilities or equity.

Back

Debit

5.

FLASHCARD QUESTION

Front

An entry on the right side of an account that increases liabilities or equity and decreases assets or expenses.

Back

Credit

6.

FLASHCARD QUESTION

Front

The original document that provides evidence of a financial transaction (e.g., invoice, receipt).

Back

Source Document

7.

FLASHCARD QUESTION

Front

The primary journal used to record all types of financial transactions in chronological order.

Back

General Journal

Create a free account and access millions of resources

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?