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ACC 100 Chapter 3: ACC 100 Chapter 3 Notes.docx

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goldswan943
13 Mar 2012
School
Ryerson University
Department
Accounting
Course
ACC 100
Professor
Walter Krystia

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Document Summary

External events: an event involving interaction between an entity and its environment (ex: payment of wages and hiring of a new sales manager) Internal events: an event occurring entirely within an entity (ex: the use of a piece of equipment) Source document: a piece of paper that is used as evidence to record a transaction. Account: record used to accumulate amounts for each individual, asset, liability, revenue, expense, and component of shareholders equity. Chart of accounts: a numerical list of all accounts used by a company. Double entry system: a system of accounting in which every transaction is recorded with equal debits and credits and the accounting equation is kept in balance. Journal: a chronological record of transactions, also known as the book of original entry. General journal: the journal used in place of a specialized journal. Ledger: a book, file, hard drive, or other device containing all the accounts.

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Related Questions

A company's ledger is:

a. A record containing increases and decreases in a specific asset, liability, equity, revenue, or expense item.

b. A journal in which transactions are first recorded.

c. A collection of documents that describe transactions and events entering the accounting process.

d. A list of all identification numbers used by the company.

e. A record containing all accounts and their balances used by the company.

A double-entry accounting system is an accounting system:

a. That records each transaction twice.

b. That records the effects of transactions and other events in at least two accounts with equal debits and credits.

c. In which each transaction affects and is recorded in two or more accounts but that could include two debits and no credits.

d. That may only be used if T accounts are used.

e. That ensures that errors never occur.

The following is a list of economic events:

i) Purchased inventory on account

ii) Paid dividends at the end of the year

iii) Received cash in payment for services

iv) Issued shares (contributed equity) for cash

v) Paid rent in cash

vi) Received a bill for electricity used

vii) Bought equipment for cash

viii) Billed customers for services

to make consistent with other answer formats change to:

a) indicate the accounts that would be affected by eachtransaction

b) Indicate whether each transaction increases, decreases or hasno effect on assets liabilities or shareholders equity.