Accounting II H: Chapter 6

What is the Accounting Cycle?

• 1. Activities performed in an accounting period that help the business keep its records in an orderly fashion

• A paper prepared as the evidence that a transaction occurred

• 1. A source document that serves as a record of cash received

• 1. A brief written message that describes a transaction that takes place within a business 

What is a Check Stub? 

• A chronological record of the transactions of a business

• 1. A source document that lists the same information that appears on a check and shows the balance in the checking account before and after each check is written

• The process of recording business transactions

• 1. An accounting period of twelve months 

What is a General Journal?

• 1. An all-purpose journal in which all the transactions of a business must be recorded 

• 1. An accounting period of twelve months 

• 1. The process of recording business transactions

• A brief written message that describes a transaction that takes place within a business

What is a Memorandum?

• 1. A source document that serves as a record of cash received

• The process of recording business transactions

• A brief written message that describes a transaction that takes place within a business

• 1. A chronological record of the transactions of a business

What is a Fiscal Year? 

• A chronological record of the transactions of a business

• A brief written message that describes a transaction that takes place within a business

• An all-purpose journal in which all the transactions of a business must be recorded

• 1. An accounting period of twelve months 

What is a Calendar Year? Choose the best option. 

• 1. An accounting period of twelve months

• Accounting period that begins on January 1 and ends on December 31

• A chronological record of the transactions of a business

• 1. A brief written message that describes a transaction that takes place within a business 

What is a Receipt? 

• A source document that lists the quarterly, description, unit price, and total cost of the items sold and shipper to a buyer

• 1. A source document that serves as a record of cash received 

• 1. A chronological record of the transactions of a business

• 1. A brief written message that describes a transaction that takes place within a business

What is Journalizing? 

• A chronological record of the transactions of a business

• 1. A brief written message that describes a transaction that takes place within a business

• The process of recording business transactions

• 1. A source document that serves as a record of cash received

What is a Journal?

• A brief written message that describes a transaction that takes place within a business

• 1. The process of recording business transactions

• 1. A source document that serves as a record of cash received

• A chronological record of the transactions of a business

What is an Invoice? 

• 1. A source document that lists the quarterly, description, unit price, and total cost of the items sold and shipped to buyer 

• 1. A chronological record of the transactions of a business 

• The process of recording business transactions

• A source document that serves as a record of cash received