front 1 Accounting only records financial impact on businesses and not _____ | back 1 every single transaction |
front 2 A transaction must affect how many accounts at a minimum? | back 2 2 accounts, called double entry accounting |
front 3 The step to select two accounts to record a business transaction is called | back 3 transaction analysis or analyzing business transactions (first step in accounting) |
front 4 Transaction analysis only applies when... | back 4 a business transaction leaves a financial impact on a company |
front 5 If a transaction impacts a company financially they are recored into the accounting information system called | back 5 journal entry |
front 6 The process of jorunal entry is called | back 6 recording journal entries (second step in accounting) |
front 7 A complete journal should have ... | back 7 date of transaction, debit and credit account, and description of transaction |
front 8 All journal entries are journalized in a companys jopurnal to the company accounts called | back 8 General Ledger |
front 9 General Ledger is an | back 9 arrangement of all company accounts in order of assets, liabilities, equities, revenues, and expenses |
front 10 Trial balance | back 10 is a listing of all of a company's accounts with their respective balances |
front 11 Liquidity | back 11 refers to the speed and ease with which something converts to cash. |
front 12 For liabilities, liquidity refers to | back 12 how quickly cash will be needed to settle the liabilities. |