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V's accountingterms3
Chapter 3
| Question | Answer |
|---|---|
| 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
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