Chapter_3_The_Accounting_Information_System_Summary_By_Objective

Chapter_3_The_Accounting_Information_System_Summary_By_Objective

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Chapter 3: The Accounting Information System Summary by Study Objective Objective 1: Understand basic accounting terminology. Define an accounting information system. Match the term with the definition. 1. Event 2. Transaction 3. Account 4. Real Account 5. Nominal Account 6. Ledger 7. Journal 8. Posting 9. Trial Balance 10. Adjusting Entry 11. Financial Statements 12. Closing Entries __ A systematic arrangement that shows the effect of transactions and other events on a specific element. __ Revenue, expense, and dividend accounts. __ The “book of original entry” __ The formal process by which the enterprise reduces all nominal accounts to zero and determines and transfers the net income or net loss to an owners’ equity account. __ Statements that reflect the collection, tabulation, and final summarization of the accounting data. __ The source or cause of changes in assets, liabilities, and equity. __ The collection of all the asset, liability, and owners’ equity, revenue, and
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This note was uploaded on 02/12/2012 for the course ACCT 3001 taught by Professor Moffitt during the Spring '08 term at LSU.

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Chapter_3_The_Accounting_Information_System_Summary_By_Objective

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