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Accounting Test #2

Terms and Ideas from Chapter 2

QuestionAnswer
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.
Created by: caston03