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Accounting Test #2
Terms and Ideas from Chapter 2
Question | Answer |
---|---|
The record of transactions in one specific item. "Cash" is an account in the General Ledger. Only the increases and decrease in the Cash balance are recorded there and they are recorded nowhere else. | Account |
Any "book" of "final entry". The book where the accounts of the business are maintained. (a collection of accounts) | Ledger (& General Ledger) |
A "book" of "original entry". | Journal (& General Journal) |
the left side of an account or journal entry | debit |
the right side of an account or journal entry | credit |
the process of transferring amounts from the General Journal to the appropriate account in the General Ledger | Posting |
a listing of all of the accounts which exist in the general ledger | chart of accounts |
balance sheet accounts: asstes, liabilities, and equity | "Real" account |
income statement accounts: revenues and expenses | temporary (or "nominal") accounts. |