ACC-Chapter 2
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| Account | A record of increases and decreases in specific asset, liability, or owner’s equity items
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| Chart of Accounts | A list of accounts and the account numbers that identify their location in the ledger
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| Compound Entry | A journal entry that involves three or more accounts
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| Credit | The right side of an account
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| Debit | The left side of an account
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| Double-Entry System | A system that record in appropriate accounts the dual effect of each transaction
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| General Journal | The most basic form of journal
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| General Ledger | A ledger that contains all asset, liability, and owner’s equity accounts
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| Journal | An accounting record in which transactions are initially recorded in chronological order
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| Journalizing | The entering of transaction data in the journal
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| Ledger | The entire group of accounts maintained by a company
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| Normal Balance | An account balance on the side where an increase in the account is recorded
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| Posting | The procedure of transferring journal entries to the ledger accounts
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| Simple Entry | A journal entry that involves only two accounts
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| T Account | The basic form of an account
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| Three-Column Form of Account | A form with columns for debit, credit, and balance amounts in an account
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| Trial Balance | A list of accounts and their balances at a given time
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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