MGMT 30A Study Guide - Quiz Guide: Pro Forma, Gross Profit, Profit Margin

• School: UC-Irvine
• Department: Management
• Course: MGMT 30A
• Professor: Patricia Wellmeyer

Document Summary

Account: an individual accounting record of increases and decreases in specific asset, liability, sto(cid:272)kholde(cid:396)s" e(cid:395)uit(cid:455), (cid:396)eve(cid:374)ue, o(cid:396) e(cid:454)pe(cid:374)se ite(cid:373)s. Accounting information system: the system of collecting and processing transaction data and communicating financial information to decision makers. Accounting transactions: events that require recording in the financial statements because they affe(cid:272)t assets, lia(cid:271)ilities, o(cid:396) sto(cid:272)kholde(cid:396)s" e(cid:395)uit(cid:455) Cha(cid:396)t of a(cid:272)(cid:272)ou(cid:374)ts: a list of the (cid:272)o(cid:373)pa(cid:374)(cid:455)"s a(cid:272)(cid:272)ou(cid:374)ts. Double-entry system: a system that records the two-sided effect of each transaction in appropriate accounts. General journal: the most basic form of journal. General ledger: a ledger that (cid:272)o(cid:374)tai(cid:374)s all asset, lia(cid:271)ilit(cid:455), sto(cid:272)kholde(cid:396)s" e(cid:395)uit(cid:455), (cid:396)eve(cid:374)ue, a(cid:374)d expense accounts. Journal: an accounting record in which transactions are initially recorded in chronological order. Journalizing: the procedure of entering transaction data in the journal. Ledger: the group of accounts maintained by a company. Posting: the procedure of transferring journal entry amounts to the ledger accounts. Trial balance: a list of accounts and their balances at a given time.