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• Accounting System


  Procedures and methods used, including data processing equipment, to collect and report accounting data
• Debit


  An entry on the left side of an account
• Credit


  An entry on the right side of an account
• Transactions


  Exchanges of goods or services between/among two or more entities or some other event having an economic impact on a business enterprise
• Double-Entry Accounting


  A system of recording transactions in a way that maintains the equality of the accounting equation
• Journal Entry


  The recording of a transaction in which debits equal credits. It usually includes a date and an explanation of the transaction
• Journals


  Records in which transactions are first entered, providing chronological record of business activity
• Accounting Process (or cycle)


  Procedures used for analyzing, recording, classifying, and summarizing the information to be presented in accounting reports
• Special Journals


  An accounting record used to list a particular type of frequently recurring transaction
• General Journal


  An accounting record used to record all business activities for which a special journal is not maintained
• Account


  A record used to classify and summarize the effects of transactions
• Ledger


  A collection of accounts maintained by a business
• Posting


  The process of summarizing transactions by transferring amounts from the journals to the ledger accounts
• General Ledger


  A collection of all the accounts used by a business that could appear on the financial statements
• Subsidiary Ledger


  The grouping of supporting accounts that in total equal the balance of a control account in the general ledger
• The general ledger account that summarizes the detailed information in a subsidiary ledger