ELECTRONIC DATA PROCESSING Definition

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ELECTRONIC DATA PROCESSING (EDP) is the processing of information by computer as opposed to handwritten records.

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T-ACCOUNT is the basis for journal entry in accounting. T-accounts have three basic elements. A title, a left side (debit side) and a right side (credit side). To make an entry in a t-account, put the currency (dollar, pound, etc.) amount on the appropriate side (debit or credit). There are five basic types of accounts: assets, liabilities, equity, revenue and expenses. Assets, liabilities and equity are the balance sheet accounts.

FIELD WORK, in auditing, is the performance of audit procedures outside the CPA's office. Much field work, but not all, is done in the client's offices after the balance sheet date.

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