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

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

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