BUSINESS FINANCE LONG QUIZ 4TH QUARTER

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Procedures and methods used, including data processing equipment,

to collect and report accounting data.

• Accounting System

• Double-Entry Accounting

• Accounting

• Accounting Equation

An entry on the left side of an account.

• Liability

• Credit

• Debit

• Cash

An entry on the right side of an account.

• Credit

• Money

• Debit

• Liability

Exchanges of goods or services between/among two or more entities or some other event having an economic impact on a business enterprise.

• Networks

• Transactions

• Authorizations

• Markets

A system of recording transactions in a way that maintains the equality of the accounting equation.

• Transaction

• Ledger

• Journal

• Double-Entry Accounting

The recording of a transaction in which debits equal credits. It usually includes a date and an explanation of the transaction.

• General Ledger

• Journal Entry

• Posting Ledger

• Business Letter

Records in which transactions are first entered, provide a chronological record of business activity.

• Ledgers

• Special Journals

• Subsidiary ledgers

• Journals

Procedures used for analyzing, recording, classifying, and summarizing the information to be presented in accounting reports.

• Accounting Process (or cycle)

• Accounting Equation

• Accounting

• Accountancy

An accounting record lists a particular type of frequently recurring transaction.

• Journals

• Ledgers

• Subsidiary Ledgers

• Special Journals