ENTREP MOD 10

• Bookkeeping


  the process of recording business transactions in a systematic and chronological manner. It is systematic because it follows procedures and principles. It is chronological because the transactions are recorded in order of the date of occurrence.
• Bookkeeper


  the person who is in-charge to record, maintain and update business records from all sorts of financial transactions using account title.
• book of accounts


  is composed of the Journal and Ledger.
• Book of Accounts 


  used by the bookkeeper to record the business transactions.
• Journal 


  Referred to as the book of original entry
• Ledger


  Referred to as the book of final entry.
• General Journal


  is the most basic journal which provides columns for date, account titles and explanations, folio or references and a separate column for debit and credit entries.
• General Ledger 


  is a group of all accounts that can be found in the chart of accounts. These accounts will be reflected in the trial balance as a summary of all financial activities that have taken place as recorded in the general journal and subsidiary ledgers.
• Account Payable Ledger 


  contains the detail for all invoices received from suppliers.
• Debit


  also known in accounting as “Value Received.”
• Credit 


  also known in accounting as “Value Parted With.”
• T- Account


  The most convenient and fastest way of posting journal entries to the ledger
• Asset


  It is the first account of the five major accounts which refers to resources with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide a future benefit.
• Liability


  It is the second account of the five major accounts which refers to something a person or company owes, usually a sum of money.
• Owner’s equity

  It is the third account of the five major accounts which refers to as shareholders' equity. it is a degree of residual ownership in a firm or asset after subtracting all liabilities associated with that asset.
• Revenue 


  It is the fourth account of the five major accounts which refers to money brought into a company by its business activities. it is commonly known as service income or fees, sales, and sales discount.
• Expense 


  It is the fifth and last account of the five major accounts which refers to the cost of operations that a company incurs to generate revenue. it include payments to suppliers, employee wages, factory leases, and equipment depreciation
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