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Ch.2

Accounting Ch.2

TermDefinition
Account Record within an accounting system in which increases and decreases are entered and stored in a specific asset, liability, equity, revenue, or expense.
Account Balance Difference between total debits and total credits (including the beginning balance) for an account.
Balance column account Account with debit and credit columns for recording entries and another column for showing the balance of the account after each entry.
Chart of accounts List of accounts used by a company; includes an identification number for each account.
Compound journal entry Journal entry that affects at least three accounts.
Credit Recorded on the right side; an entry that decreases asset and expense accounts, and increases liability, revenue, and most equity accounts; abbreviated Cr.
Creditors Individuals or organizations entitled to receive payments.
Debit Recorded on the left side; an entry that increases asset and expense accounts, and decreases liability, revenue, and most equity accounts; abbreviated Dr.
Double-entry Accounting Accounting system in which each transaction affects at least two accounts and has at least one debit and one credit.
General Journal All-purpose journal for recording the debits and credits of transactions and events.
Journal Record in which transactions are entered before they are posted to ledger accounts; also called book of original entry.
Journalizing Process of recording transactions in a journal.
Posting Process of transferring journal entry information to the ledger; computerized systems automate this process.
Posting-reference column A column in journals in which individual ledger account numbers are entered when entries are posted to those ledger accounts.
Source documents Source of information for accounting entries that can be in either paper or electronic form; also called business papers
T-accounts Tool used to show the effects of transactions and events on individual accounts.
Trail balance List of accounts and their balances at a point in time; total debit balances equal total credit balances.
Unearned revenue Liability created when customers pay in advance for products or services; earned when the products or services are later delivered.
Created by: 1205581920
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