The Accounting Cycle (Grade 10 NSC Matric Accounting): Flashcards
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Accounting cycle definition
Accounting cycle definition
Systematic process to record & report financial information
How often accounting cycle repeats for sole trader
How often accounting cycle repeats for sole trader
Every month
Transaction definition
Transaction definition
Business activity involving money or monetary value
Purpose of source documents
Purpose of source documents
Provide legal evidence and proof of transactions
What journals are also known as
What journals are also known as
Book of first entry
Purpose of Cash Receipts Journal (CRJ)
Purpose of Cash Receipts Journal (CRJ)
Records all money received by the business
What Debtors Journal (DJ) records
What Debtors Journal (DJ) records
All credit sales to customers
What Creditors Journal (CJ) records
What Creditors Journal (CJ) records
All credit purchases from suppliers
Ledger definition
Ledger definition
Collection of accounts showing complete transaction history
Main purpose of trial balance
Main purpose of trial balance
Check that total debits equal total credits