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Household A/c

Business Studies-Junior Cycle-Introduction to record keeping

TermDefinition
General Ledger Used for record keeping. Contains separate T-accounts that you may use.
T-Account This is the simplest account structure. It is shaped like a T.
DEBIT Left-hand side of an account, for recording a transaction
CREDIT Right-hand side of an account, for recording a transaction
Cash Account This is used to keep a record of all cash money in and out.
Analysed Cash Book This is used to keep a record of all money from your cash and bank. It splits into sections giving a breakdown of all money received and payments made.
Opening Balance The balance at the start of any accounting period
Closing Balance The balance at the end of any accounting period.
Balance Carried Down Placed on the smaller side of the account to balance it. It is then carried down to the bigger side.
Balance Brought Down This is placed on the bigger side of the account to show the difference between the two sides.
Overdraft (OD) This occurs when money is withdrawn from a bank account and the available balance goes below zero.
Contra Entry (C) The transferring of money from the bank to the cash account or from the cash to the bank account.
Balance The difference between the two sides.
Cash Transaction When a person receives or pays for something using cash.
T-Account Total The total of the biggest side. This is entered on both sides of the account.
Bank Transaction When a person receives or pays for something using a bank e.g cheque, credit card, debit card, bank lodgement.
A/c This stands for 'Account'
Created by: linsher36