Quiz 2 - 1 Accounting Information System collects and...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1 Accounting Information System collects and processes transations communicates finanical information to decision makers 2 Economic Event requires recording in the financial statements when assets, liabilities, or stockholders equity items change as a result of some kind of economic event 3 Account an individual accounting record of increases and decreases to a specific account Contains: name/title of account credit/debit 4 Debit Balance when total of the debit side is greater than the credit side 5 Credit Balance when the balance of the credit side is greater than the debit side 6 Double Entry accounting debits must equal credits 7 Source Document a sales slip, a check, a bill, cash register tape 8 Journalizing entering transations data into the journal 9 Ledger A group of accounts contains assets, liabilities, and Stock equity accounts 10 Charts of Accounts accounts in the general ledger 11 Posting The process of transferrig journal entries to the ledger accounts 12 Trial Balance
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern