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Betty's Acct101/Ch3

Accounting 101 Chapter 3

QuestionAnswer
Account balance The deference between the amounts on both sides the account.
Accounts Assets, Liabilities, and Owners Equity
Chart of accounts Is a list of all the accounts used by a business.
Classification Assets,show the property a business owns. Liability accounts show the debts and Owners Equity shows the financial interest in the business.
Credit Right side
Debit Left side
Double entry system You will have at least one entry on the debit/left side and one on the credit/right side.
Drawing account An account set up to record withdrawals of owners equity.
Footing Small pencil figure.
Normal balance The increase side of an account .....+
Permanent account Balances continued from one accounting period to the next...aka real account
Slide When a decimal point is misplaced
T account Vertical and horizontal line resembling a T
Temporary account Revenue,Expense and Drawing ...aka. Nominal accounts
Transposition When numbers are switched....test, divisible by 9
Trial balance is a statement that test the accuracy of total debits and credits after transactions have been recorded.
Left right rule Increases to asset accounts are recorded on the left side of a T account, decreases to the right.
For liability T accounts Right side shows increases, left side shows decreases.
List the accounts in the same order as they appear on the financial statements. Assets Liabilities Owners equity Revenue Expenses
What is the increase side for CASH, ACCOUNTS PAYABLE, CAPITAL Cash is the left side or debit side, accounts payable is the right side or credit, Capital is the right side or the credit side.
Any type of PRE anything is a___ account? Asset account
Any type of FEE income account is a Revenue account
The word Check indicates what type of account? Cash
Created by: Bjones1283
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