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V's accountingterms3

Chapter 3

QuestionAnswer
Account Balance The difference between the amounts recorded on the two sides of an account
Accounts Written records of the assets, liabilities, and owners equity of a business
Charts of accounts A list of the accounts used by a business to record its financial transactions
Classification A means of identifying each account as an asset, liability, or an owners equity
Credit An entry on the right side of an account
Debit An entry on the left side of an account
Double-entry system An accounting system that involves recording the effects of each transaction as debits and credits
Drawing account A special type of owner's equity account set up to record the owner's withdrawal of cash from business
Footing A small pencil figure written at the base of an amount column showing the sum of entries in the column
Normal Balance The increase side of an account
Permanent Account An account that is kept open from one accounting period to the next
Slide An accounting error involving a misplaced decimal point
T account A type of account, resembling a T, used to analyze the effects of a business transaction
Temporary Account An account whose balance is transferred to another account at the end of an accounting period
Transposition An accounting error involving misplaced digits in a number
Trial Balance A statement to test the accuracy of total debits and credits after transactions have been recorded
Created by: Virajasaur