ACCT 2000 Chapter : ACCT 2001 Chapter 3 Class Notes 1
Document Summary
The accounting information system is a system of: ______collecting_________ , processing ______transaction________ data, and, ________communicating_____________ financial information to decision makers. Transactions are economic events that require recording in the __________financial statements__________________. Assets, liabilities, or stockholders" equity items change as a result of some economic event. There is a __duel_______ effect on the accounting equation. Record of ____________ and ____________ in a specific asset, liability, equity, revenue, or expense item. Each transaction must affect ____________ accounts to keep the basic accounting equation in ___________. Recording done by _____________ at least one account and ____________ another. If debits are ____________ than credits, the account will have a ________ balance. If credits are ____________ than debits, the account will have a _________ balance. Assets - debits should be _________ than credits. Liabilities credits should be __________ than debits. The normal balance is on the ___________ side.
