Chapter 3 Key Terms HW

School: American InterContinental University - Course: ACC 101 - Subject: Accounting

Chapter 3 Key Terms Cost principle- that a purchased asset should be recorded at its actual cost. Cross-reference- The ledger account number in the Post. Ref. column of the journal and the journal page number in the Post. Ref. column of the ledger account. General ledger- A book or file containing the activity (by accounts), either manual or computerized, of a business. Journal- The book in which a person makes the original record of a business transaction; commonly referred to as abook of original entry. Journalizing- The process of recording a business transaction in a journal. Ledger account- A complete record of the transactions recorded in an individual account. Posting- The process of transferring figures from the journal to the ledger accounts. Source documents- Business papers, such as checks, invoices, receipts, letters, and memos, that furnish proof that a transaction has taken place. Two-column general journal- A general journal in which there are two amount columns, one used for debit amounts, and one used for credit amounts.

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