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Questions and Answers
What is a check?
What is a check?
What is double-entry accounting?
What is double-entry accounting?
The recording of debit and credit parts of a transaction
What does 'entry' refer to in accounting?
What does 'entry' refer to in accounting?
Information for each transaction recorded in a journal
What is an invoice?
What is an invoice?
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What is a journal?
What is a journal?
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What does journalizing mean?
What does journalizing mean?
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What is a memorandum?
What is a memorandum?
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What is a receipt?
What is a receipt?
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What is a sales invoice?
What is a sales invoice?
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What is a source document?
What is a source document?
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Study Notes
Accounting Terms Definitions
- Check: A document issued by a business instructing a bank to release cash from its account.
- Double-Entry Accounting: A systematic method of recording transactions where each entry involves both a debit and a credit, ensuring the accounting equation remains balanced.
- Entry: Refers to the specific details of a transaction that are documented in a journal.
- Invoice: A detailed document that outlines the goods or services provided, including their quantities, prices, and conditions of sale.
- Journal: A record-keeping tool used to log transactions in the order they occur, facilitating organized financial tracking.
- Journalizing: The process of entering transactions into a journal, maintaining accurate records of financial activities.
- Memorandum: A brief written message used to describe the details of a transaction for record-keeping purposes.
- Receipt: A formal acknowledgment issued by a business confirming the receipt of cash from a transaction.
- Sales Invoice: A type of invoice that serves as a source document for entering a sale into the accounting system, particularly when sales are made on credit.
- Source Document: Any business paper that provides essential information for recording a transaction in a journal, serving as evidence for accounting entries.
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Description
Test your knowledge of essential accounting terms with this quiz. From checks to invoices, understand what each term means and how it applies to financial practices. Perfect for accounting students or anyone looking to refresh their terminology skills.