Term Definition
Accounting Cycle Activities performed in an accounting period that help the business keep its records in an orderly fashion
Calendar year Accounting period that begins on January 1 and ends December 31
check stub a source document that lists the same information that appears on a check ans shows the balance in the checking account before and after each check is written.
Fiscal year an accounting period of 12 months
general journal an all-purpose journal in which all the transactions of a business may be recorded
invoice a source document that lists the quantity, description, unit price, and total cost of the items sold and shipping to a buyer
journal a chronological record of the transaction of a business
journalizing the process of recording business transactions in a journal
memorandum a brief written message that describes a transaction that takes place within a business
receipt a source document that serves as a record of cash received
source document a paper prepared as evidence that a transaction occurred.
accounting Chapter 6

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